Sector News

Alexion taps Biogen veteran Paul Clancy as CFO

June 14, 2017
Life sciences

Alexion Pharmaceuticals Inc named long-time Biogen Inc Chief Financial Officer Paul Clancy to a similar position, effective July 31, as recently appointed CEO Ludwig Hantson steps up efforts to regain investor confidence.

Alexion’s shares were up 3.6 percent at $111.88 in after-market trading on Tuesday.

Hantson, a former chief executive at Baxalta, was named to the top job in March after a challenging few months for the drugmaker.

Alexion said in December its then chief executive officer and chief financial officer would resign, a month after the company announced it was investigating allegations related to sales practices at its flagship drug, Soliris.

Soliris, which treats two rare blood disorders and has a U.S. list price of about $480,000 per year, is facing slowing sales growth and looming competition.

Clancy, who has been with Biogen for the past 16 years, served as CFO for the past 10 years. Prior to Biogen, he spent 13 years with PepsiCo Inc in various executive positions, Alexion said.

Clancy will succeed Dave Anderson, who will become a senior adviser to the CEO after July 31 and will remain with Alexion until the end of August, the company said.

Alexion’s shares plunged to a more than three-and-half year low last month after the company said Anderson would leave.

Clancy will remain at Biogen through the second quarter, the company said on Tuesday.

Biogen said Chief Accounting Officer Greg Covino will become the interim principal financial officer as it conducts a search for a new CFO.

By Ankur Banerjee

Source: Reuters

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