Vertex's chief, Leiden, will resign, with CMO named successor

Jeffrey Leiden leaves Vertex Pharma after seven years as President and Chief Executive Officer, to be replaced by Medical Director Reshma Kewalramani.

Leiden does not leave at sunset, however. He will remain as Executive Chairman until 2023, ensuring continuity of leadership when Kewalramani joins the small but growing group of women leaders in the biotechnology sector on April 1.

Under Leiden, Vertex has experienced a few years of spectacular growth. He joined the company in 2012 when he was making exceptional sales with Incivek, a treatment for hepatitis C, but then experienced a dramatic slump when Gilead's competing treatment, Sovaldi, canceled demand and made the obsolete drug.

In 2014, Incivek was withdrawn from the market, but in the meantime, Kalydeco's cystic fibrosis treatment – a product of just $ 172 million in 2012 – was gaining momentum and closing the gap.

Since then, Kalydeco and the follow-up of two drugs, Orkambi and Symdeko, have driven Vertex's annual sales to $ 3 billion.

Kewalramani, a former Amgen executive – who has been with Vertex since 2017 – takes over at the moment Vertex has filed an application for authorization for the combination of three drugs that, according to Jefferies badysts, could become a full $ 6 billion product, greatly increasing the proportion of cystic fibrosis patients eligible for treatment.

She will also chair the next phase of Vertex's development as it addresses five new disease areas, with a series of new drug candidates aimed at reducing the company's reliance on its FC franchise.

The pipeline includes VX-150, a sodium channel selective inhibitor drug in Phase 2 development for the treatment of acute and neuropathic pain, and a drug for alpha-1 antitrypsin deficiency that began phase 1 testing. 39, last year.

Vertex is also developing gene editing medications for sickle cell disease and beta-thalbademia through a partnership with CRISPR Therapeutics in Phase 1/2 and a program on kidney disease at home. APOL1 mediation.

It has also sold licensed projects to Merck KGaA and Janssen Pharma in the areas of cancer and influenza, respectively.

Leiden said: "I look forward to continuing to play an active role in the company over the next few years and supporting Reshma and our team throughout this transition.. "

Kewalramani's medical history was hailed by Stifel badyst Paul Matteis, who said in a statement. The research notes that, while the Leiden decision was a surprise, it "stays true to its roots as a science-driven organization". Most of the big CEOs in the biotech sector have shown promise after going down the trade ladder.

Kewalramani said meanwhile that she was "honored to become the next CEO of Vertex and continue to work alongside Jeff, the Board of Directors and our management team at such a propitious time for the company. ".