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Depomed names CEO, board chairman

Depomed Inc. appointed Arthur Higgins to the positions of president, CEO and board member after the resignation of James Schoeneck.

Higgins most recently served as senior adviser to Blackstone Group LP.

Depomed named James Fogarty, a board member, to the position of board chairman. It also appointed William McKee and Gavin Molinelli as board members after the resignation of Samuel Saks and David Zenoff.

McKee served as COO and CFO at EKR Therapeutics Inc., a private specialty pharmaceutical company, until it was sold to Cornerstone Therapeutics Inc. Molinelli is a partner of Starboard Value LP.

Depomed also said that it estimates net sales for the quarter ending March 31 to be about $95 million to $100 million. The results reflect the impact of the realignment of the company's sales force effective Feb. 1 and the fact that it had a significant number of openings in its field sales force in the first quarter, as well as wholesalers' reductions of inventory of its products in the quarter and continued weakness in the long-acting and short-acting opioid markets.