Biogen said on Tuesday that Chief Executive Michel Vounatsos will step down and that the company is pulling back on selling its Alzheimer's drug Aduhelm after the US government's Medicare program restricted coverage of the controversial treatment to patients in clinical trials.
Biogen said on Tuesday it was looking at"substantially" eliminating commercial infrastructure related to Aduhelm and plans for more cost cuts, in addition to the current program to save US$500 million annually. Mizuho Securities analyst Salim Syed said the move will slow the company's cash burn and that the CEO transition will be received positively by the market, as many investors had been calling for it.The company was betting on Aduhelm, the first new treatment for the memory-robbing disease in nearly 20 years, to act as a buffer as its main established revenue drivers face rising competition.
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