Biogen Inc 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 U.S. government’s Medicare program restricted coverage of the controversial treatment to patients in clinical trials.
Vounatsos, who was named as the CEO in 2016, will continue in his role until a successor is appointed, the company said. Under his leadership, the U.S. biotech developed and launched several important growth drivers including spinal muscular atrophy drug Spinraza and multiple sclerosis drug Vumerity.
Aduhelm was expected to be the company’s next big blockbuster treatment, but controversy over its approval without clear evidence of patient benefit and the U.S. decision to severely limit access appears to have doomed its prospects.
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