Sector News

Alder CEO leaves as CGRP migraine race nears end

March 21, 2018
Life sciences

Alder BioPharmaceuticals has parted company with its CEO. The decision, which Alder described as mutual, leaves the biotech without a permanent leader in the runup to filing for approval of migraine drug eptinezumab.

Neither Alder nor outgoing CEO Randall Schatzman, Ph.D., have provided much detail about the motivations for the split. Schatzman said now is the “right time” to pass control over to “the next generation of leadership” in prepared remarks included in Alder’s release about the change at the top. Alder said the decision for Schatzman to leave step down as president, CEO and director was mutual.

Bothell, Washington-based Alder has put board member Paul Cleveland in charge on an interim basis while it searches for a permanent successor with the support of executive recruitment firm Russell Reynolds Associates.

Schatzman cofounded Alder in 2002 and has led the biotech ever since. In the final years of his time at the company, Schatzman took Alder public and raced against Amgen, Novartis, Eli Lilly and Teva to bring an anti-CGRP migraine drug to market.

With a BLA penciled in for the second half of the year, Alder will finish the race behind at least some of the other runners and riders. Beyond that, Alder faces the prospect of finding a partner or buyer or pitting a fledgling sales team against the well-established commercial machines run by its rivals. Late-phase data suggest Alder may struggle to persuade payers and physicians that its drug offers a clear advantage over the competition.

Those factors have dampened perceptions of Alder’s prospects over the past 30 months, causing the stock to fall 70% from the highs it hit in 2015. Responsibility for engineering a happy ending to the story will now fall on Cleveland and his successor, although Schatzman will remain affiliated to the biotech through an 18-month consulting agreement.

By Nick Paul Taylor

Source: Fierce Biotech

comments closed

Related News

November 21, 2021

Johnson & Johnson to focus on pharmaceuticals

Life sciences

Johnson & Johnson has announced that it plans to separate its Consumer Health business, leaving the new Johnson & Johnson to focus on pharmaceuticals and medical devices. Alex Gorsky, current CEO, will become the Executive Chairman of the new Johnson & Johnson. Joaquin Duato, currently Vice Chairman of the Company’s Executive Committee, will become the new CEO.

November 21, 2021

Novo Nordisk to acquire Dicerna Pharmaceuticals including the RNAi research technology platform

Life sciences

Novo Nordisk today announced that it has entered into a definitive agreement to acquire Dicerna Pharmaceuticals (Dicerna). The acquisition of Dicerna’s ribonucleic acid interference (RNAi) platform is a strategic addition to Novo Nordisk’s existing research technology platforms and supports the strategy of using a broad range of technology platforms applicable across all Novo Nordisk’s therapeutic focus areas.

November 21, 2021

What are the benefits of the digital health revolution?

Life sciences

Naomi predicts that start-ups will continue to take over the healthcare industry, and Big Pharma companies will be forced to adapt to the future by partnering with small tech start-ups, or fade away due to irrelevance. Discover more of industry leader Naomi Fried’s insights as she discusses the future of healthcare with Andrew Kris of Borderless

Send this to a friend