Sarepta Taps Allergan Alum as New CEO
June 29, 2017
By Mark Terry, BioSpace.com Breaking News Staff
Cambridge, Mass. – Sarepta Therapeutics , best known for its dramatic and controversial approval for Duchenne muscular dystrophy (DMD) drug Exondys 51, has named Douglas Ingram as its new president and chief executive officer. He will also serve on the company’s board of directors.
Ingram replaces Edward Kaye, who plans to act in an advisory capacity during the transition.
Until it was acquired by Allergan in 2015, Ingram was president of Actavis, plc . Before that, he was Allergan’s president Europe/Middle East/Africa in London, UK. Before that position, Ingram headed various Allergan functions, including Legal Affairs, Regulatory Affairs and Pharmacovigilance, Information Technology, Public Relations and External Communication, Human Resources, and Audit and Compliance. He was most recently president and chief executive officer of Chase Pharmaceuticals.
“This is a transformational period in Sarepta Therapeutics’ evolution, and Doug is an exceptional executive with the vision, experience, and leadership skills required to realize the Company’s full potential during its next phase,” said M. Kathleen Behrens, chair of Sarepta’s board of directors, in a statement. “We look forward to officially introducing Doug during our second quarter earnings conference call. Our team remains steadfast in its goal to ensure patients with Duchenne muscular dystrophy and their families have access to the best treatments. We look forward to working with Doug to continue helping those with serious unmet medical needs and thank Ed for his career-long pursuit to improve the lives of these patients, as well as his tremendous leadership to help bring Exondys 51 to patients and physicians.”
Kaye took over as interim chief executive officer in March 2015, becoming permanent in September 2016. During his tenure, he led the company through its roller-coaster-ride approval for DMD.
Analysts and investors seem pleased with Ingram’s appointment. Joseph Schwarz and Dae Gon Ha, analysts with Leerink, wrote in a note, “Following Dr. Ed Kaye’s announcement to step down as CEO in 1Q, Sarepta announced today that Mr. Douglas S. Ingram has been appointed as President and CEO. Mr. Ingram brings a wealth of experience in corporate restructuring (at Allergan (AGN) before acquisition by Actavis), unlocking shareholder value through acquisition (Chase Pharmaceuticals sold to Allergan), and pipeline development in the CNS space. For Sarepta, his appointment comes at an opportune time as the company begins to gain momentum on commercial sales of Exondys 51.”
Sarepta took a pop at the news, currently trading for $33.97.
“I am excited to join Sarepta Therapeutics at such an important time in its history,” Ingram said in a statement. “Through the tireless work of Ed and his team, Sarepta has taken a leadership position in the treatment of Duchenne muscular dystrophy, brought hope to children and their families suffering from this debilitating condition and proven an unmatched dedication to patient care. Sarepta has a mission that matters, a deep pipeline to support that mission, and employees and a board that are single-mindedly focused on success through improving the lives of those with devastating rare diseases. We will remain committed to the continued success of Exondys 51, and rapidly advancing our clinical pipeline and next-generation platform technology.”