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BioMarin announced a partial restructuring of its management team on Wednesday. Appointment Two pharmaceutical industry veterans have been brought in to lead the company’s trading and research and development operations.
Greg Friberg will assume the role of Chief Research and Development Officer, effective September 30. After working at Amgen for almost 20 years“We are pleased to announce that we will be taking on the role of Vice President of Global Medical Operations for BioMarin’s rare disease medicines portfolio, a position that will see us continue to grow and develop in the coming years,” said Hank Fuchs, who has overseen the development of BioMarin’s five currently marketed medicines for the past 15 years.
“More than half of the products we sell were approved under Hank’s leadership,” BioMarin CEO Alexander Hardy said in a statement. “He has had a profound impact not only on BioMarin but on the lives of thousands of patients around the world.”
BioMarin said Fuchs is retiring but will remain in an advisory role until March 3.
James Sabry will take over as BioMarin’s chief business officer a week after Friberg joins the company. Sabry, a Roche veteran, will assume the role of chief operating officer at BioMarin. Retired from Swiss pharmaceutical company BioMarin said he has led 1,200 transactions over his career and has a knack for “identifying innovation at every stage of development.”
Hardy called Sabry “one of the astute dealmakers in the industry” and said that as chief business officer he would be responsible for finding “significant, right-sized transactions that support our already strong outlook.”
BioMarin announced that Brinda Balakrishnan, current chief corporate strategy and business development officer, has chosen to leave the company effective Oct. 1. The company noted that transactions led by Balakrishnan have resulted in the acquisition of nearly 20 portfolio assets and diversified its pipeline of research programs.
“Her scientific depth and understanding of the industry have been invaluable in positioning BioMarin well for the future,” Hardy said.
The new hires come in a year of change for BioMarin, whose longtime CEO, Jean-Jacques Bienneme, stepped down at the end of last year. Replaced by HardyHe had just served as CEO of Genentech, Roche’s research division, for four and a half years.
In an effort to cut costs earlier this year, BioMarin Reduced A list of research projects and Spending restraint A gene therapy for hemophilia is in the spotlight. In clinical trials, a one-time injection of the treatment, called Loctavian, Significantly reduced bleeding rate The need for supplemental clotting proteins. After multiple delays, the Food and Drug Administration Loktavian Acknowledged Last summer.
BioMarin and Wall Street thought the treatment would be a hugely popular treatment option; analysts had it positioned as a blockbuster. But adoption has been much slower than expected, due in part to a high multimillion-dollar price tag and patient fears. As a result, BioMarin filed for bankruptcy this month. Sales will be restricted Roctavian is only sold in three countries: the United States, Germany and Italy.
The company also plans to suspend production at its manufacturing sites for Roctavian and stop enrolling new patients in clinical trials for the treatment. These changes will limit annual expenses directly related to Roctavian to approximately $60 million through 2025.
BioMarin has achieved a rare feat for a biotech company by bringing eight of its own drugs to market, but the company has barely made a profit in the 30 years since it was founded. In 2023, the company posted total sales of just over $2.4 billion and profits of $158 million.
