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Biogen Names Commercial Officer as New CEO, Shares Fall
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Biogen Inc. (BIIB - Free Report) has appointed its present chief commercial officer (CCO), Michel Vounatsos, as the new chief executive officer (CEO), effective Jan 6, 2017.
Vounatsos, who also holds the position of executive vice president at Biogen, will replace George A. Scangos. In July, Scangos had announced that he would step down once a suitable successor has been identified. However, shares of the biotech company fell on the announcement.
In fact, so far this month, Biogen’s share price has dropped 5.2%, underperforming the 0.4% dip witnessed by the Zacks classified Biomed/Genetics industry.
Coming back to the CEO news, Vounatsos was appointed as the CCO at Biogen this April. Earlier, he had served under Merck & Co., Inc. (MRK - Free Report) . During his tenure at Merck, Vounatsos held leadership positions across Europe, China, and the U.S. for 20 years.
Biogen has been a lucrative acquisition target for quite some time now. In August, there were rumors that Biogen would be bought by either Allergan plc or Merck, both of which are large-cap pharmaceutical companies. However, investors speculate that the appointment of Vounatsos lowers chances of a buyout This in turn, has led to the decline in the company’s share price.
Vounatsos’ near-term priorities include gaining approval for Spinraza for the treatment of spinal muscular atrophy. Spinraza, developed in partnership with Ionis Pharmaceuticals, Inc. (IONS - Free Report) , is currently under review in both the U.S. and the EU, with Biogen expecting a launch in the U.S. as early as the end of this year or the first quarter of 2017.
Vounatsos will also focus on fully enrolling the ongoing phase III trials on aducanumab for the treatment of Alzheimer disease and continue growth in the company’s multiple sclerosis franchise. However, it remains to be seen if Vounatsos delivers on these promises and turns the company around for the better.
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Biogen Names Commercial Officer as New CEO, Shares Fall
Biogen Inc. (BIIB - Free Report) has appointed its present chief commercial officer (CCO), Michel Vounatsos, as the new chief executive officer (CEO), effective Jan 6, 2017.
Vounatsos, who also holds the position of executive vice president at Biogen, will replace George A. Scangos. In July, Scangos had announced that he would step down once a suitable successor has been identified. However, shares of the biotech company fell on the announcement.
In fact, so far this month, Biogen’s share price has dropped 5.2%, underperforming the 0.4% dip witnessed by the Zacks classified Biomed/Genetics industry.
Coming back to the CEO news, Vounatsos was appointed as the CCO at Biogen this April. Earlier, he had served under Merck & Co., Inc. (MRK - Free Report) . During his tenure at Merck, Vounatsos held leadership positions across Europe, China, and the U.S. for 20 years.
Biogen has been a lucrative acquisition target for quite some time now. In August, there were rumors that Biogen would be bought by either Allergan plc or Merck, both of which are large-cap pharmaceutical companies. However, investors speculate that the appointment of Vounatsos lowers chances of a buyout This in turn, has led to the decline in the company’s share price.
Vounatsos’ near-term priorities include gaining approval for Spinraza for the treatment of spinal muscular atrophy. Spinraza, developed in partnership with Ionis Pharmaceuticals, Inc. (IONS - Free Report) , is currently under review in both the U.S. and the EU, with Biogen expecting a launch in the U.S. as early as the end of this year or the first quarter of 2017.
Vounatsos will also focus on fully enrolling the ongoing phase III trials on aducanumab for the treatment of Alzheimer disease and continue growth in the company’s multiple sclerosis franchise. However, it remains to be seen if Vounatsos delivers on these promises and turns the company around for the better.
BIOGEN INC Price and Consensus
BIOGEN INC Price and Consensus | BIOGEN INC Quote
Biogen carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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