FDA Plays

[cccpmd666]

Merck & Co.'s (MRK) board named Kenneth C. Frazier as its new chief executive starting Jan. 1 while current Chief Executive Richard T. Clark will continue as chairman.
The move was widely expected since April, when the pharmaceutical giant promoted Frazier to president, signaling a succession plan for Clark, who then also held that title and was due to step down after five years as chief executive next year under the company's mandatory-retirement policy.
Frazier since April has focused on improving Merck's three largest divisions--pharmaceutical and vaccine sales and marketing, research and development, and manufacturing and supply--and their post-merger integration following last year's acquisition of Schering-Plough.
As chairman, one of Clark's duties will be to oversee the planned formation of Merck's animal-health joint venture with Sanofi-Aventis SA (SNY, SAN.FR). Sanofi and Merck said in March they would combine their two units, creating the world's biggest animal-health business.
Merck in October reported that its third-quarter profit fell 90% as it set aside $950 million to pay for an anticipated resolution of a government investigation of its former pain drug Vioxx.