Aqua Pharmaceuticals CEO and founder Craig Ballaron announced he is retiring in January 2016.
Ted White, Aqua’s chief operating officer, will be promoted to president and general manager of the West Chester, Pa., specialty pharmaceutical company that specializes in skin care products.
Ballaron’s decision to step down as chief executive at Aqua comes two years after the company was acquired by Almirall, a global pharmaceutical company based in Barcelona, Spain, for $402 million.
In a memo to employees, Eduardo Sanchiz, CEO of Almirall, stated, “We will miss Craig’s strong business acumen and his deep understanding and commitment to the U.S. dermatology market. I have personally enjoyed the relationship we have developed over the past two years, and I would like to express my deepest appreciation to Craig and wish him the best during his retirement.”
Aqua, founded in 2004, markets branded prescription drugs in four therapeutic categories: acne, steroid-responsive dermatoses, actinic keratoses and seborrheic dermatitis.