Jazz Pharmaceuticals is about to open a new chapter in its history. As long-standing CEO and co-founder Bruce Cozadd prepares to step down for retirement, the neuroscience and oncology-focused company begins its search for a new leader and gets ready to commercialize recently FDA-approved HER2-targeted bispecific antibody, Ziihera.
End of an Era
After a 22-year tenure at the Dublin-headquartered drug maker, co-founder and CEO Bruce Cozadd is gearing up for retirement. A guiding light for Jazz, the former Alza VP and COO, co-founded the firm in 2003, went on to serve as its executive chairman and became CEO in 2009. Under his leadership Jazz Pharma has grown into the diversified global biopharma company with some 2,800 employees across the globe that it is today. “Driven by Mr. Cozadd’s vision and leadership, Jazz has developed into a market leader,” the company said.
Announced this week, the succession is expected to conclude by the end of 2025, at which time Cozadd will retire but remain on the company’s Board of Directors. Jazz was quick to reassure investors that it remains on track to meet its full year 2024 total revenue guidance of between USD 4.0 billion and USD 4.1 billion. Cozadd also claimed that thanks to Jazz’s solid footing, the succession process would not be disruptive. “With great momentum and the business in a strong position entering 2025, I feel confident that Jazz’s next leader will be well-positioned to build on our legacy of growth and success.”
Key Acquisitions
Under Cozadd’s direction Jazz Pharma has seen the approval of several key therapies and steadily increased its value both through organic growth, and strategic acquisitions such as the USD 7 billion purchase of CBD-based epilepsy drug maker GW Pharmaceuticals in 2021, adding a high-growth commercial franchise to its neuroscience portfolio with Epidiolex.
The exiting CEO has also helped Jazz to steadily build its oncology franchise, which now, alongside neuroscience, is a major driver for Jazz Pharma’s business. Exceeding USD billion in sales last year, the firm’s oncology portfolio, which includes small cell lung cancer drug Zepzelca and blood cancer treatment Rylaze, has continued to expand.
To further reinforce its oncology pipeline with a KRAS Inhibitor programme, the company made a USD 10 million deal with Redx Pharma earlier this year.
HER2 Win
An important acquisition for Jazz was its 2022 USD 50-million upfront deal with Zymeworks to develop and commercialize the HER2-targeted bispecific antibody Zanidatamab, a drug that just received an FDA nod last month. Brand-named Ziihera and given as an intravenous infusion once every two weeks, the drug is the first and only dual HER2-targeted bispecific antibody approved for HER2+ biliary tract cancer (BTC) in the US. And, with an eye on HER2-positive stomach cancer and breast cancer markets, Ziihera has the potential to reach peak annual sales of USD 2 billion, Cozadd said after the approval.
“BTC is a devastating disease with a poor prognosis and five-year survival rates under five percent in the metastatic setting. Patients with unresectable or metastatic HER2-positive BTC have had a high unmet need with limited treatment options and few approved therapies,” said Rob Iannone, Jazz’s global head of R&D. “The approval of Ziihera, which previously received Breakthrough Therapy Designation from the FDA for this indication, is an important advance and offers the first and only dual HER2-targeted bispecific antibody and chemotherapy-free treatment for patients living with BTC.”
What’s Next for Jazz?
Beyond its search for a new CEO and the commercialization of Ziihera, Jazz will be looking to submit an sNDA for its Zepzelca therapy in the first half of 2025 after positive results in a Phase 3 IMforte lung cancer trial in combination with Roche’s PD-L1 inhibitor Tecentriq.
In the Roche-sponsored trial, the combination of the two therapies demonstrated significant improvement in overall survival and progression-free survival compared to treatment with Tecentriq alone.
Image Source: Jazz Pharma
