Specialty pharmaceutical company Acusphere Inc. just hired Patrick Gallagher as a senior vice president of business development. Gallagher, a 25-year veteran of the industry, is charged with evaluating licensing and partnering opportunities for the company's lead product candidate, Imagify, and others.

Gallagher's resume boasts about $800 million worth of completed transactions. At Mylan Laboratories Inc., he was vice president of corporate business development and led corporate licensing and acquisition for all of Mylan's business divisions. Prior to that, Gallagher held senior-level biz dev roles with the worldwide consumer medicines group at Bristol-Myers Squibb Co. While at Johnson & Johnson, he led the execution of licensing opportunities for the Ortho-McNeil Pharmaceutical division.

Perhaps Gallagher can source some acquisitions and create alliances to help Watertown, Mass.-based Acusphere's stock price get a little northward movement. Its stock opened at $14.15 per share in October 2003 but it hasn't breached the $4 mark since July; it closed Thursday at $2.69. — Baz Hiralal

See the announcement from Acusphere

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