Fred Hassan, who stepped down as chief executive of Schering-Plough after the drug maker was acquired by Merck & Co. (MRK) earlier this month, has become a senior adviser to private equity firm Warburg Pincus.

Hassan disclosed his new position following a speech at a biotechnology conference in Philadelphia. Warburg Pincus also posted the news on its Web site last week.

Hassan told Dow Jones Newswires he would advise the firm on deals in a variety of industries. "I'm seen as a generalist," he said, though his decades in the pharmaceutical industry will make him a natural adviser on health-care deals.

Investors have closely followed Hassan's steps following his departure from Schering because many perceive him as a turnaround artist who has delivered for shareholders. Some industry insiders think it's possible he could return to a CEO post in the pharmaceutical or wider health-care industry at some point.

Hassan also has recently been named to the boards of Bausch & Lomb Inc. (BOL) and Time Warner Inc. (TWX), and continues to serve on the board of Avon Products Inc. (AVP).

-Peter Loftus; Dow Jones Newswires; 215-656-8289; peter.loftus@dowjones.com
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