BioMarin Announces New R&D and Business Development Leadership
Rhea-AI Summary
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announces key leadership changes in R&D and Business Development. Greg Friberg, M.D., joins as EVP, Chief Research & Development Officer on Sept. 30, succeeding Hank Fuchs, M.D., who retires after 15 years. James Sabry, M.D., Ph.D., becomes EVP, Chief Business Officer on Oct. 7. Dr. Friberg, from Amgen, brings extensive experience in clinical development and lifecycle management. Dr. Sabry, from Roche and Genentech, is known for his expertise in business development, having led 1,200 transactions.
Dr. Fuchs, retiring after overseeing the development of five new medicines, will remain in an advisory capacity until March 3, 2025. Brinda Balakrishnan, M.D., Ph.D., Chief Corporate Strategy and Business Development Officer, is leaving the company on Oct. 1 after eight years of service.
Positive
- Appointment of Greg Friberg, M.D., as EVP, Chief Research & Development Officer, bringing nearly two decades of industry experience
- Appointment of James Sabry, M.D., Ph.D., as EVP, Chief Business Officer, with expertise in over 1,200 business transactions
- Hank Fuchs, M.D., to remain in an advisory capacity until March 2025, ensuring a smooth transition
Negative
- Departure of Hank Fuchs, M.D., after 15 years, potentially impacting R&D continuity
- Departure of Brinda Balakrishnan, M.D., Ph.D., Chief Corporate Strategy and Business Development Officer, after eight years
News Market Reaction 1 Alert
On the day this news was published, BMRN declined 1.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Greg Friberg, M.D., Appointed EVP, Chief Research & Development Officer as Hank Fuchs, M.D., Will Retire After 15 Years at Company
James Sabry, M.D., Ph.D., Appointed EVP, Chief Business Officer
Dr. Friberg, who will join BioMarin effective Sept. 30, is a proven leader with nearly two decades of industry experience. He comes to BioMarin from Amgen, Inc., where he most recently served as Vice President, Global Medical Affairs, Rare Disease. Dr. Friberg brings a wealth of experience in clinical development and lifecycle management to the role. During his 18 years at Amgen, he has been responsible for advancing multiple medicines from investigational new drug application filing through late-stage development. In addition, he served as head of Global Development for the company's hematology/oncology and bone portfolios. At BioMarin, he will assume responsibility for the company's R&D organization, including discovery research, preclinical, translational and clinical programs, as well as global regulatory and medical affairs. Dr. Friberg holds an M.D. from New York Medical College. He completed his residency in internal medicine at Dartmouth-Hitchcock Medical Center and his fellowship in hematology and oncology at The University of Chicago Medical Center. Prior to Amgen, he served on the faculty of the University of
Dr. Sabry, whose appointment is effective Oct. 7, is one of the biopharmaceutical industry's top business development executives, having led 1,200 transactions over his career. He joins BioMarin from Roche and Genentech, where he spent 14 years, serving most recently as Executive Vice President and Global Head of Roche Partnering. He brings decades of expertise in identifying innovation at all stages of development, from preclinical to commercialized products, focusing on novel targets and approaches to managing serious medical conditions. During his tenure at Roche and Genentech, Dr. Sabry identified, executed and managed transactions that bolstered the pipelines of both organizations. Earlier in his career, he was President and CEO of Arete Therapeutics, as well as Chairman of the Board of Directors, and served as CEO of Cytokinetics, a company he co-founded. Dr. Sabry holds an M.D. from Queen's University and a Ph.D. in Neuroscience from the University of
"We are pleased to welcome Greg and James to BioMarin. Greg is a world-class scientist and innovative thinker. He brings to the role deep experience in successfully advancing product candidates through the development process and to market. His proven record in drug development, outstanding leadership skills and expertise as a clinician make him the ideal person for this role," said Alexander Hardy, President and Chief Executive Officer. "James is recognized as one of the industry's most astute dealmakers. His scientific acumen and industry knowledge, built over decades as an entrepreneur and executive, are unparalleled. James will spend time getting to know the company and the role business development can play by identifying important and appropriately sized transactions that support our already strong outlook."
Dr. Fuchs is retiring after 15 years at BioMarin, during which he led the development of five new medicines for lysosomal storage disorders, phenylketonuria, achondroplasia and hemophilia A through clinical trials and on to the market. During his tenure, Dr. Fuchs has built an industry-leading R&D organization, with expertise leveraging a deep understanding of genetics to create breakthrough treatments. He has overseen the advancement of medicines that target the underlying cause of a disease with the goal of having a profound impact for patients. Dr. Fuchs will remain at BioMarin in an advisory capacity through March 3, 2025.
"On behalf of all of us at BioMarin, I'd like to offer my deepest thanks to Hank, who for a decade and a half has steered BioMarin's R&D organization with a great scientific mind and a big heart, building the organization into the leading scientific operation that it is today," said Mr. Hardy. "More than half of our marketed products were approved under Hank's leadership. He has had a profound impact not only on BioMarin, but on the lives of thousands of patients around the world."
"What has kept me here all these years is the incredible opportunity to bring transformative medicines to patients who are counting on us, and work with colleagues who share the same passion to make a difference in the lives of others," said Dr. Fuchs. "I am thrilled to hand the reins to Greg. With Greg and James in these scientific leadership positions, I believe BioMarin is set up to continue to deliver breakthroughs for people with serious medical conditions."
BioMarin also announced that Brinda Balakrishnan, M.D., Ph.D., Chief Corporate Strategy and Business Development Officer, has decided to leave the company, effective Oct. 1. During her more than eight years at BioMarin, Dr. Balakrishnan led deals that added nearly 20 assets to the company's portfolio and divested certain pipeline programs.
"I am proud to have played a role in setting BioMarin up for greater future success," said Dr. Balakrishnan. "I am grateful to have worked alongside colleagues who share my passion and urgency to deliver impactful medicines for patients."
"Brinda is a highly strategic thinker, who brought to BioMarin vision, creativity and expertise as a physician scientist," said Mr. Hardy. "Her scientific depth and understanding of the industry have been critical in ensuring that BioMarin is well-positioned for the future. We are grateful to Brinda for her many contributions to BioMarin – and to the patients we serve."
About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The company develops and commercializes targeted therapies that address the root cause of the genetic conditions. BioMarin's unparalleled research and development capabilities have resulted in eight transformational commercial therapies for patients with rare genetic disorders. The company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.
Forward-Looking Statements
This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: expected leadership changes at BioMarin, including Dr. Friberg's appointment as Executive Vice President, Chief Research & Development Officer, Dr. Sabry's appointment as Executive Vice President, Chief Business Officer and Dr. Fuchs remaining at BioMarin in an advisory capacity until his departure from BioMarin; Dr. Friberg's and Dr. Sabry's expertise and prior experience enabling them to succeed in their new roles at BioMarin; expectations regarding Dr. Friberg's and Dr. Sabry's roles at BioMarin, including Dr. Sabry's ability to identify important and appropriately sized transactions; and beliefs that BioMarin is set up to continue to deliver breakthroughs for people with serious medical conditions and is well-positioned for the future. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: Dr. Friberg and Dr. Sabry commencing employment as anticipated; possible complications associated with the leadership transitions within BioMarin's organization; BioMarin's success in implementing leadership changes; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin® is a registered trademark of BioMarin Pharmaceutical Inc., or its affiliates. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
Contacts: | |
Investors | Media |
Traci McCarty | Marni Kottle |
BioMarin Pharmaceutical Inc. | BioMarin Pharmaceutical Inc. |
(415) 455-7558 | (415) 218-7111 |
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SOURCE BioMarin Pharmaceutical Inc.
FAQ
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