Biogen, Inc.’s new president and CEO Christopher Viehbacher has brought in former Sanofi colleague Adam Keeney to help advance the company’s goal of “sustainable growth” from its existing products and programs as well as from assets sourced externally. Keeney, Biogen’s newly appointed executive vice president and head of corporate development, told Scrip he is encouraged by what the company already is working on and is looking forward to bringing novel therapies into the mix.
But to say that Biogen’s current growth trajectory is in need of a turnaround may be an understatement. The company has posted three years in a row of revenue declines and its big hope for blockbuster growth – Aduhelm (aducanumab) for Alzheimer’s disease – was a commercial flop. (Also see "How Biogen’s Aduhelm Bet Became A Commercial Bust" - Scrip, 6 June, 2022
KEY TAKEAWAYS
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Biogen has had declining sales for the past three years, and efforts to turn that around have involved new executives and board changes, including the exit of activist investor Alex Denner and two others, in addition to a new board chair and new CEO.
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Former Sanofi BD exec Adam Keeney joins fellow Sanofi alum and CEO Chris Viehbacher, with a goal of “resetting” and “recalibrating” the company’s direction to find sustainable growth from its current pipeline and external opportunities.
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Turmoil in the financial markets may create opportunities for Biogen to pick up external R&D programs, especially earlier-stage assets where smaller biotechs are at risk of running out of money
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