Biogen Inc. (NASDAQ: BIIB) may have recently (and finally) dropped the Idec from its name, but the company announced another big change on Friday. The biotech giant known for its multiple sclerosis leadership franchise drugs is losing its head of research and development. Losing an R&D chief may not create a total vacuum at a company the size of Biogen, but it can of course cause some disruption.
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Biogen announced on Friday that Douglas Williams will leave Biogen at the end of July. The company’s press release indicated that Williams will become chief executive officer of an “as-yet unnamed start-up” biotechnology company. Biogen further said that Williams will be the first member of a new organization with potential in cancer diagnostics and therapy.
As for the replacements, Biogen noted that Alfred Sandrock, M.D., Ph.D., and Spyros Artavanis-Tsakonas, Ph.D., will lead Biogen’s R&D efforts. Responsibility for Biogen R&D will be assumed by Sandrock, senior vice president and chief medical officer, and Artavanis-Tsakonas, senior vice president and chief scientific officer. Both of them currently serve on the executive management team.
Based on the quotes below, and on noting some specifics of where Williams will go, there does not appear to be any significant pressure nor any open disputes. Biogen said:
All of us at Biogen appreciate Doug’s contributions to the rapid development of our Research and Development organization. We are fortunate to have Al Sandrock and Spyros Artavanis-Tsakonas to lead the work to which Biogen is dedicated.
Williams said in return:
While I am sad to leave Biogen I am excited about the opportunity to follow a real passion of mine. I am proud of the progress of the company’s R&D organization and am pleased that it will be in very capable hands.
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As a reminder, the head of R&D is not also the chief medical officer in the case of Biogen.
Biogen shares were last seen down about 3% at $387.19, against a 52-week trading range of $290.85 to $480.18. The stock has a consensus analyst price target of $476.38.
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