A seasoned pharmaceutical executive from AbbVie (NYSE:ABBV) will soon become the new head of corporate affairs at Novo Nordisk (NVO) as the weight loss drugmaker faces renewed scrutiny from the Trump administration over its drug pricing strategy.
Greg Miley, a senior vice president of government affairs at AbbVie (NYSE:ABBV), announced in a LinkedIn post on Friday that he will be joining the Danish pharma giant as its Senior Vice President, Corporate Affairs.
“This opportunity comes at a pivotal moment for the company, and I am eager to get started and contribute to our mission of improving the lives of people living with chronic diseases,” said Miley, who has previously held senior executive roles at companies such as Sanofi (SNY) and Pfizer (PFE).
As part of the appointment, Miley said he will relocate to Novo Nordisk’s (NVO) home country, Denmark, and that he will handle the company’s global communication and public affairs initiatives.
The announcement came hours after President Donald Trump claimed that the price of Novo’s (NVO) popular weight loss/diabetes therapy Ozempic should be “much lower” once his administration’s negotiations with the company conclude. Shares of the pharma giant fell ~4% on the news.
At an event in the Oval Office on Thursday, Trump said that the blockbuster injectable, which comes with a list price of roughly $1,000 and is sold directly by Novo (NVO) for $499 per month for cash-paying customers, could be available at $150 a month.
Eli Lilly (LLY), which sells similar GLP-1 drugs for weight loss and diabetes at a list price of over $1,000 per month, also traded lower in reaction.