BioMarin is recasting a few of its government staff, saying Wednesday the appointments of two pharmaceutical business veterans to direct the corporate’s dealmaking and analysis and growth operations.
Efficient Sept. 30, Greg Friberg will assume the position of chief R&D officer. Friberg is becoming a member of after practically twenty years at Amgen, the place he held varied management positions, most lately vp of world medical affairs for the corporate’s portfolio of uncommon illness medication. He’ll change Hank Fuchs, who, over the past 15 years, oversaw the event of 5 of BioMarin’s now-marketed medicines.
“Greater than half of our marketed merchandise had been accepted underneath Hank’s management,” mentioned Alexander Hardy, BioMarin’s CEO, in an announcement. “He has had a profound impression not solely on BioMarin, however on the lives of 1000’s of sufferers around the globe.”
BioMarin mentioned Fuchs is retiring, however will stick round in an advisory capability by means of March 3.
Per week after Friberg onboards, James Sabry is ready to begin as BioMarin’s chief enterprise officer. A veteran of Roche, Sabry retired from the Swiss pharmaceutical large earlier this yr. He led 1,200 transactions throughout his profession, in keeping with BioMarin, and has a knack for “figuring out innovation in any respect levels of growth.”
Hardy known as Sabry “one of many business’s most astute dealmakers,” and mentioned that, as chief enterprise officer, he can be accountable for discovering “necessary and appropriately sized transactions that help our already robust outlook.”
BioMarin mentioned its present chief company technique and enterprise growth officer, Brinda Balakrishnan, has chosen to depart by Oct. 1. The corporate famous that offers led by Balakrishnan introduced in practically 20 portfolio belongings and diversified its pipeline of analysis applications.
“Her scientific depth and understanding of the business have been essential in making certain that BioMarin is well-positioned for the longer term,” Hardy mentioned.
The brand new hires add to what’s turn out to be a yr of transformation for BioMarin. The corporate’s long-time chief government Jean-Jacques Bienaimé stepped down late final yr, to be changed by Hardy, who had simply spent 4 and a half years as CEO of Roche’s analysis arm, Genentech.
In an effort to economize earlier this yr, BioMarin pared down its listing of analysis tasks and curbed spending on a intently watched gene remedy for hemophilia. Medical trials had proven a one-time infusion of the remedy, generally known as Roctavian, sharply diminished bleeding charges and the necessity for supplementary clotting protein. After a number of delays, the Meals and Drug Administration accepted Roctavian final summer time.
Each BioMarin and Wall Avenue thought the remedy can be a extremely wanted therapy possibility. Analysts had even penciled it in as a possible blockbuster product. However uptake has been a lot slower than anticipated, due partly to a multimillion-dollar price ticket and trepidation amongst sufferers. Consequently, BioMarin this month mentioned it would restrict gross sales of Roctavian to only three nations: the U.S., Germany and Italy.
The corporate additionally plans to pause manufacturing at a Roctavian manufacturing web site and cease enrolling new sufferers in medical trials of the remedy. Altogether, the modifications ought to cap annual bills immediately tied to Roctavian at about $60 million a yr by 2025.
Whereas BioMarin has pulled off a uncommon achievement for any biotechnology firm, bringing eight of its personal medication to market, it hasn’t been worthwhile for many of its 30 years in enterprise. In 2023, the corporate recorded complete income simply north of $2.4 billion and earnings of $158 million.
