Seagen nabs former Novartis exec as CEO
US Biotech Seagen (Nasdaq: SGEN) announced that David Epstein has been appointed as a permanent chief executive and board member, replacing interim CEO Roger Dansey.
The news of a permanent leader should have been welcomed by investors, but the impact on perceived strategic optionality appears to be still weighing on shares, which closed down 5% at $131.06 yesterday.
Mr Epstein brings more than 30 years of experience in the biopharmaceutical industry, including more than 25 years at Novartis (NOVN: VX), where he built its oncology business unit from initiation to second largest in the world and then served as CEO of the Swiss pharma giant US subsidiary Novartis Pharmaceuticals. More recently, he was executive partner at Flagship Pioneering.
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