Home Uncategorized Biogen CEO Michelle Vunazos will resign after commercial failure of Alzheimer’s disease

Biogen CEO Michelle Vunazos will resign after commercial failure of Alzheimer’s disease

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Image: Michelle Vunazos. Source: Biogen


Biogen (BIIB) announced on Tuesday that it has begun searching for a new CEO over the commercial failure of its controversial Alzheimer’s disease drug Aduhelm.


Announcement of the imminent departure of Michel Vunazos was buried on page 6 19-page campaign Release on earnings for the first quarter.


The company said Vounatsos will keep the seat warm until a successor is named.


Biogen said it “substantially eliminates the commercial infrastructure for Aduhelm”, meaning it will no longer spend money on selling the drug.


Adugelm


The FDA approved Aduhelm in June 2021 contrary to the strong recommendation of the Advisory Committee on Peripheral and Central Nervous System Drugs.


The committee voted strongly against the statement, saying the data did not support its effectiveness in treating Alzheimer’s disease.


When the FDA stunningly granted approval, 3 of the 11 committee members resigned, including David C. Knopman, a neurologist at the Mayo Clinic, Joel S. Pearlmutter, a neurologist at the University of Washington in St. Louis, and Aaron Kesselheim, a medical professor at Harvard Medical School. schools.



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In his letter of resignation, Kesselheim called Aduhelm’s statement “probably the worst decision to approve drugs in US history.”


Kesselheim further stated: “It is clear to me that the FDA is currently unable to adequately integrate the Committee’s scientific recommendations into its approval decisions.”



Investment dissertation



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Usually here we give you some reasons for optimism about stocks, but we do not recommend investors to try to be brave here.


Elsewhere in the first-quarter Biogen report, the company reported that Aduhelm’s first-quarter sales were just $ 2.8 million, well below expectations. Aside from drug disputes, Medicare determined it would pay for the drug only for people who received it as part of clinical trials, further limiting any realistic effect.


Shares of Biogen lost more than 55% after a peak last summer, and we see no reason to fight the tape, at least until a new CEO is named.


In addition, investors should expect significant structural changes in Biogen, including the possibility of abandoning some R&D programs and accelerating others. Until we find out what these changes may entail, we cannot recommend keeping these shares for long.


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Source: Stock news


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