Biogen Inc, the US drug maker focused on neurological, autoimmune and rare diseases, said on Monday it had appointed its chief commercial officer, Michel Vounatsos, as chief executive officer. The move comes as the Cambridge, Massachusetts-based company is seeking to develop its promising spinal muscular atrophy and Alzheimer's disease drugs. Biogen also attracted some take-over interest earlier this year, although it is not pursuing a sale.
Vounatsos succeeds CEO George Scangos, who has led the company since 2010. His appointment is effective as of January 6, Biogen said in a statement.
Biogen shares dropped as much as 4.6 percent after Reuters first reported on Vounatsos' appointment earlier on Monday, and ended trading in New York down 2.7 percent at $278.77, giving the company a market capitalization of $60.7 billion.
Vounatsos joined Biogen earlier this year after a 20-year career at rival pharmaceutical company Merck & Co Inc, where he held leadership positions across Europe and in China.
In his role as executive vice president and chief commercial officer at Biogen, Vounatsos' responsibilities included overseeing the growth of Biogen's product portfolio and supporting its pipeline.