Novo Nordisk (NYSE:NVO) said this week that the CEO of Canadian biotech Novelion Therapeutics, Mary Szela, left Nordisk’s board effective immediately due to a “potential conflict of interest”.
Szela’s departure follows Novelion’s decision to expand into non-alcoholic steatohepatitis, also known as fatty liver, according to a Nordisk spokeswoman. As the Danish drugmaker faces increasing pricing pressure to its core insulin business, Nordisk is looking to diversity beyond diabetes and NASH is reportedly an area of interest.
NASH, a progressive liver disease, is common in nations with rising rates of obesity and diabetes.
Nordisk hopes to use its next-gen GLP-1 drug semaglutide to treat diabetes, obestiy and NASH.
The company’s new CEO Lars Fruergaard Jorgensen has said he would consider acquisitions in the “low single-digit billions of dollars” as Nordisk diversifies into disease areas connected to diabetes.
Shares in Nordisk rose earlier this month after the insulin-maker met expectations on Wall Street with its 1st quarter results.
The company posted profits of $1.49 billion, or 60¢ per share, on sales of $4.18 billion for the 3 months ended March 31, for bottom-line growth of 7% on sales growth of 5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 60¢, ahead of consensus on The Street, where analysts were looking for sales of $4.09 billion.
Material from Reuters was used in this report.
Inhaled drug-maker Genoa names CEO, CSO
Genoa Pharmaceuticals said this week that Dr. Bruce Montgomery was named chief executive of the company and plans to lead clinical development out of the Seattle office. The company also said founder & inventor, Mark Surber, was named chief scientific officer.
The biopharmaceutical company, which raised $62 million in a Series A round this week, is developing an inhaled treatment for idiopathic pulmonary fibrosis and other severe pulmonary diseases. Genoa’s lead program, Aerodone, is slated to enter clinical development by the end of 2017.
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Pulmatrix appoints chief biz officer
Pulmatrix (NSDQ:PULM) named Ted Raad as its chief business officer to provide strategic business input as the company advances its inhaled respiratory therapies through clinical development and partnerships.
“Ted is a proven leader in the commercial development of products with significant experience in respiratory indications and infectious diseases. His vision and skill set are perfectly suited to advance our pipeline products built around our proprietary iSPERSE inhaled dry powder technology,” CEO Robert Clarke said. “His later stage and commercial experience on asthma/COPD and anti-infective drugs is a perfect complement to the R&D and development expertise of the Pulmatrix team. We’re looking forward to Ted helping us build an integrated company that will bring needed therapies to patients and opportunities for investors.”
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BioPact co-founder retakes corner office
BioPact co-founder Kent Phelps resumed his role as CEO after Joe Dillon served in the corner office for 18 months.
“The talent, experience and consummate professionalism Joe Dillon brought to BioPact will have a lasting impact on the company’s future. I think we will look back on Joe’s tenure as the tipping point for BioPact and its drug delivery platform, MGMR,” Phelp said.
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Insurance industry vet joins Lilly’s public affairs team
Eli Lilly (NYSE:LLY) said this month that the American Insurance Association’s president, Leigh Ann Pusey, will lead the company’s lobbying and public affairs efforts, effective June 12.
“Leigh Ann brings a wealth of public affairs leadership experience to Lilly and at a particularly important time for our industry,” CEO David Ricks said. “Her ability to convene conversations and drive proactive policy solutions will be critical in our efforts to promote and sustain medical innovation so patients and the health care system benefit from a new era of medicine.”
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Audentes promotes Gray to CSO
Audentes Therapeutics (NSDQ:BOLD) promoted John Gray to senior VP and chief scientific officer. Previously, Gray served as VP of R&D for the gene therapy developer.
Before joining Audentes in 2014, he was the assistant director of the Harvard Gene Therapy Initiative.
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