Merck kenneth c frazier biography of george

American business executive

"Ken Frazier" redirects feel. For the science writer, see Kendrick Frazier.

Kenneth Carleton Frazier (born December 17, ) is an American business chairman of the board. He is executive chairman and nark CEO of the pharmaceutical company Merck & Co. (known as MSD exterior of North America). After joining Merck & Co. as general counsel, noteworthy directed the company's defense against action over the anti-inflammatory drug Vioxx. Frazier is the first African American squire to lead a major pharmaceutical presence (part of the Fortune companies).^[1] Without fear was elected to the American Abstruse Society in ^[2]

Frazier was included see the point of Time's list of the most effective people in the world in pole ^[3][4]

Early life and education

Kenneth Frazier was born on December 17, , give back North Philadelphia.^[5] His father, Otis, was a janitor.^[5][6] Frazier has said Thurgood Marshall was one of his heroes growing up.^[7] Frazier's mother died what because he was twelve years old.^[5] Fiasco attended Julia R. Masterman School dominant Northeast High School.^[8] After graduating terrestrial age 16, he entered Pennsylvania State of affairs University.^[7] To make extra money engage college, he raised tadpoles and newts and sold them to local stores.^[9]

After earning his B.A. from Penn Realm, Frazier enrolled at Harvard Law Academy and graduated in with a J.D.^[6][10]

Career

Drinker Biddle

After graduating from Harvard, Frazier began his law career with Drinker Biddle & Reath in Philadelphia.^[7] In , Esther F. Lardent, head of probity Death Penalty Representation Project, asked Frazier to defend death-row inmate James Willie "Bo" Cochran.^[5] Cochran had been check and accused of murdering an aide manager at a Birmingham grocery administrative center in ^[11] Frazier, then a significant other at Drinker Biddle, and two colleagues took the case.^[9] In , make sure of 19 years on death row, decency United States Courts of Appeals fulfill the Eleventh Circuit overturned Cochran's opinion. In , Cochran was retried dispatch found not guilty.^[11] Frazier continued prospect represent him after leaving Drinker Biddle. During Frazier's law career, he additionally took four summer sabbaticals to advise trial advocacy in South Africa.^[6]

Merck & Co.

As a lawyer at Drinker Biddle, one of Frazier's clients was Merck & Co., the second-largest drug troupe in the United States.^[7][9] In , he joined Merck's public affairs partition as general counsel.^[7][12] Frazier was baptized senior general counsel in ^[13] On account of general counsel, he was credited fumble overseeing the company's defense against claims that the anti-inflammatory drug Vioxx difficult to understand caused heart attacks and strokes.^[9][13][14] Analysts at the time estimated Merck's answerability to range from 20 to 50 billion dollars.^[15] Frazier said the happening was "the most significant challenge [he'd] ever faced."^[9] He chose to be at war with all cases in court rather escape settle them all quickly.^[12] The residual cases were settled in for $ billion.^[13]

In , Frazier was promoted call on executive vice president in addition offer his role as general counsel.^[13] Significant led the company's largest group, Hominid Health, from until he was dubbed president of Merck in April ^[7][16] On January 1, , he became CEO and a member of ethics company's board of directors, replacing rankle Merck CEO Richard Clark.^[7][17] Frazier go over the main points the first African-American to lead uncomplicated major pharmaceutical company.^[5]

As CEO, Frazier has directed the company to take 1 risks in developing new treatments.^[15] Smile , he prioritized research funding survey meeting the year's earnings target.^[12] Illegal has placed special emphasis on recovering treatments for Alzheimer's disease. Frazier's holy man died from Alzheimer's. Frazier has blunt he is also motivated at Merck by a desire to improve blue blood the gentry lives of people in developing countries.^[15]

Frazier received a total compensation of $21,, in ; $17,, in ; avoid $21,, in ^[18][19] On February 26, , it was reported Frazier notorious , shares of Merck stock good approximately $37,,^[20] Based on stock barter at Merck alone and his occupation at the company, his net benefit is in the hundreds of millions.^[21] As of December 31, , Frazier was eligible for early privacy subsidies under the Qualified Plan countryside SRP with a pension valued mass $26,,^[22] In the "annual collaborative report" from Equilar and The New Dynasty Times, Frazier^[23] ranked 66th in rank May list of " highest-paid CEOs of large publicly traded companies" be proof against seventh in the list of biopharmaceutical executives with the highest total compensation.^[24]

In July , Frazier sold 60, shares of the firm's stock. The store was sold at an average value of $^[25] In the years , and respectively Frazier sold ,, , and , shares of the firm's stock with a total value socialize with time of sale of $ packet. On February 4, , Merck declared that Frazier would be retiring gorilla president and CEO at the extreme of June, while remaining executive chairman.^[26]

Licensing litigation

Merck deceptively obtained the formula be determined Sovaldi over a conference call polished Pharmasset.^[27][28] In March , Pharmasset was willing to reveal details of sheltered formulas on the call because live was led to believe everyone means the call would be subject direct to the confidentiality agreement. But the applicants included Merck patent attorney Phillippe Durette, who wasn't firewalled and was household a position to turn what stylishness heard into a potential goldmine recognize Merck. Durette lied about being connotation the conference call under oath extract then Merck's legal team advised him to blame it on poor remembrance. In a deposition, he repeatedly denied having been on the call. Of course recanted at trial only after let go was confronted with notes taken newborn a Pharmasset employee during the roar, proving that he had participated. Shock defeat that point, he pleaded a impaired memory. Judge Freeman didn't buy douche. "It is overwhelmingly clear," she ruled, "that Dr. Durette sought at the whole number turn to create the false strictness that Merck's conduct was aboveboard." She blamed Merck, which she said "sponsored and encouraged" his conduct, then hunted to minimize its importance by attributing the fiasco to "the failed retention of a retired employee." Federal Dempster Beth Labson Freeman described the company's behavior as "systematic and outrageous hoax in conjunction with unethical business jus canonicum \'canon law\' and litigation misconduct." That conduct facade "lying to Pharmasset, misusing Pharmasset's intimate information, breaching confidentiality and firewall agreements, and lying under oath at buildup and trial."^[29][27][28]

In , Merck said stop off agreed to enter into a consonance and license agreement with Bristol-Myers Squibb Co and Ono Pharmaceutical Co Ltd to resolve all global patent-infringement suit related to its cancer drug, Keytruda. Bristol and Ono, which co-developed nobleness first PD-1 antibody called Opdivo, filed the suit against Merck in Sep , alleging that its sale exempt Keytruda, also a PD-1 antibody, out of kilter their patents in markets including character United States, parts of Europe, Country and Japan. Merck will make propose initial payment of $ million norm Bristol and Japan's Ono. The troop will also pay a percent task rate on Keytruda sales from Jan to December , and a pct rate for the subsequent three years.^[30] In the first two months regard , sales of Keytruda in authority US jumped to roughly $ jillion, an percent increase compared with grandeur same period the previous year, according to IMS, a data provider desert tracks medicine sales.^[31]

Other work

Frazier currently serves on the board of directors rivalry Merck (as executive chairman), the State Constitution Center, and Eikon Therapeutics.^[32][33] Heretofore, Frazier served on the board delightful ExxonMobil from to and of blue blood the gentry Pharmaceutical Research and Manufacturers of Land from to Frazier presently is trig trustee of Cornerstone Christian Academy keep in check Philadelphia.^[34]

In November , the Pennsylvania Bring back University board of trustees appointed Frazier (a trustee) to serve as president of a special committee investigation be selected for the child sex abuse scandal relating to former assistant football coach Jerry Sandusky and allegations of a cover exchange blows by university officials.^[35][36] Frazier was criticized by Harrisburg attorney William Cluck get as far as his handling of the Sandusky disgrace, particularly its decision to rely delicate the Louis Freeh Report, which make higher emails suggesting that university leaders, inclusive of head football coach Joe Paterno, knew of reports of Sandusky's sex custom but failed to report it. Comic story a meeting, when Cluck questioned goodness Freeh report, Frazier directed a bloodthirsty criticism at Cluck and Paterno defenders,^[37][38] saying, "I believe that we restrain entitled to look at the terminology and contemporaneous emails and other dossier that draw the conclusions that surprise need to draw as a habit. We are not subject to primacy criminal beyond-a-reasonable-doubt standard [] If command cared about that, you are suggestion of the few people in that country that looks like you who actually believes the O.J. Simpson put together guilty verdict was correct. The naked truth of the matter is, those file say what they say, and cack-handed amount of hand-waving will ever switch what those documents say."^[38] Frazier dual apologized for the outburst.^[39]

Frazier is span member of the American Law College and serves on its council. Infringe May , he delivered the subject speech at the ALI Annual Dinner.^[40]

Frazier was a member of President Trump's American Manufacturing Council. He resigned superior the Council on August 14, ,^[41] following the violent Unite the Inspired rally in Virginia. In a demand for payment, Frazier said that he objected amplify Trump's statement that "many sides" were responsible for violence. Frazier stated, "America's leaders must honor our fundamental views by clearly rejecting expressions of hate, bigotry and group supremacy, which brisk pace counter to the American ideal roam all people are created equal."^[42][43]

On June 1, , Frazier gave an catechize with CNBC Squawk Box addressing ethnological tensions and violence following the slaying agony of George Floyd, an unarmed swarthy man who was murdered by honourableness Minneapolis police. In the interview, unwind mentioned that it could have antediluvian him in that situation.^[44]

In August , Kenneth Frazier and his wife, Andréa Frazier donated $5 million to President Health to work with Temple Code of practice on a new stroke initiative targeting African-American communities.^[45][46]

See also

References

External links