Pharmaceutical company Eli Lilly (LLY) has appointed a new chief for its diabetes and weight-loss drug unit ahead of an expected regulatory decision by the U.S. Food and Drug Administration (FDA).
The company named the new head of its weight-loss division as part of a series of management changes and before the FDA is expected to approve its drug Mounjaro as an obesity treatment.
Patrik Jonsson, the president of Lilly USA, will take on the additional responsibilities of the company’s diabetes and weight-loss medication sales starting on January 1, 2024.
Mike Mason, the previous head of the unit, is retiring, the company said.
In his new role, Jonsson will oversee all of Eli Lilly's diabetes and obesity treatments, including Mounjaro and other prescription drug candidates such as the company’s weight-loss pill Orforglipron.
Jonsson has spent 33 years at Eli Lilly and previously led the company's immunology unit as well as its operations in Sweden, Italy, and Japan.
Mounjaro, which is already approved to treat diabetes, had sales of $979.7 million U.S. last quarter. The market for obesity drugs has been forecast to reach $100 billion U.S. in a decade.
Eli Lilly’s stock has gained 60% over the last 12 months largely on expectations that Mounjaro will be approved by the FDA to treat obesity. The company’s shares currently trade at $531.46 U.S. per share.
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