Biogen has named Michel Vounatsos as its new chief executive, ending a five-month search for a successor to George Scangos.
Vounatsos is currently chief commercial officer at Biogen, joining the company in April after a 20-year career at Merck & Co, and is due to take over as CEO on 6 January when Scangos will end his six-year run in charge of the US biotech.
Shares in Biogen slid 2.7% on the announcement yesterday, although this was attributed to disappointment in some quarters that the company is less likely to succumb to a takeover with a new CEO in place. The stock gained ground in after-hours trading.
Scangos’ departure was announced in July and came amid something of an exodus of senior figures at the company, coming shortly after the departure of R&D head Doug Williams and commercial chief Tony Kingsley.
Vounatsos takes over at a time when Biogen has been facing slowing growth for top-selling multiple sclerosis drug Tecfidera (dimethyl glutamate) and declines for its older interferon-based MS products, causing it to miss some sales and earnings targets.
Vounatsos said that near-term priorities for the company are “clear”, and include gaining approval for spinal muscular atrophy therapy Spinraza (nusinersen), growing the MS franchise through new products such as recently-approved Zinbryta (daclizumab) and bringing forward phase III Alzheimer’s disease candidate aducanumab.
He also said the company needs to “reinvigorate” its pipeline in key R&D areas including neurology and neuro-repair.
Scangos said Vounatsos is “an inspiring leader who cares deeply for patients and our employees; he has a clear understanding of what is needed to drive our business forward”.
“He brings a background in both medicine and business, along with a global perspective and keen focus on execution that will serve this company well as Biogen transitions into its next stage of growth and innovation.”