George Scangos to step down as Biogen CEO
In a surprising move, Biogen used the publishing of some promising second quarter results to announce the departure of CEO George Scangos, with the search for his successor set to begin immediately.
Dr Scangos has lead Biogen through a period of transformation during his six years at the company. In a company statement, chairman of the board Stelios Papadopoulos led tributes to Scangos. He says: “George joined Biogen at a very challenging time. He re-organised operations and he oversaw the enrichment of our product pipeline and the launch of several products. In short, George did an outstanding job and I believe he is leaving the Company well positioned for success.”
The news came as part of Biogen’s Q2 results which saw total revenues rising 12% to $2.9 billion and earnings per share climbing 22% to $4.79.
Scangos did, however, oversee some negative structural change at Biogen in recent times. Shares at the company began to fall quite sharply last year after slowing sales of its multiple sclerosis drug Tecfidera played a part in job cuts of 11%.
He reacts: “The past six years have been quite successful. We have introduced six new products onto the market, increased our earnings and revenues several fold, and transformed our R&D and commercial organisations to world-class levels, joining our already leading biologics manufacturing capabilities.
“The company has an exciting future and I am proud to have had a role in helping Biogen improve the lives of so many patients today and so many more in the future. This is the right time for a new leader to take the reins and lead Biogen through its next stage of development, and I look forward to returning to the West coast to take on one more set of activities and spend more time with my family.”
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