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Introduction: Capello is the second executive to leave the company in the last year, following the departure of michael Ehlers, the former head of research and development.
, On July 21, He announced the appointment of Michael McDonnell as Executive Vice President and Chief Financial Officer (CFO) from Jeffrey Capello, effective August 15, 2020.
McDonnell joined the company as executive vice president and chief financial officer of IQVIA, the world's leading medical consulting firm.
, McDonnell will be responsible for global financial functions and operations, the company's shared service center, information technology and investor relations team, and will report directly to CEO Michel Vounatsos.
, capello is the second executive to leave the company in the last year, following the departure of Michael Ehlers, the former head of research and development.
Capello took over as chief financial officer in late 2017, Vounatsos said he would be key to the company's efforts to find new business opportunities.
but during his two-year tenure, He has made only one major acquisition, the $877 million acquisition of Gene Therapy company Nightstar in March 2019.
the rest includes 18 deals, but all of them are focused on early research.
for quite some time, Yan Jian has been under the pressure of research and development and commercialization, and needs to increase pipeline construction. In a recent second-quarter earnings conference call, mr.
said that although the reasons for the CFO's replacement were not discussed, it was clear that the company needed to change its business development strategy.
Aducanumab is arguably the company's most important asset, accounting for a large portion of the company's $46 billion market value.
if approved, the drug would be the first treatment for Alzheimer's, potentially generating billions of dollars in annual sales.
but the first question is whether the FDA will accept a review application by early September.
at the same time, Yan Jian also faces the question of whether the drug is effective enough to prescribe a large number of prescriptions.
pressure to improve its near-term business prospects has increased due to the impact of the COVID-19 pandemic, which has delayed widespread sales of Vumerity, the recently launched multiple sclerosis (MS) drug.
, the company's best-selling MS drug, Tecfidera, is at risk of losing patent protection.
Tecfidera generated revenues of $4.4 billion last year, or nearly 40 percent of the company's total revenue.
at the same time, Spinraza is under some market pressure.
Novartis has brought gene therapy to market, and Roche's oral drug could soon be approved in the United States.
therefore, yan Jian urgently needs to change the status quo.
said in its press release that McDonnell has a strong strategic financial and operational background, as well as experience leading global teams from different industries.
Vounatsos said McDonnell's background and track record, including his extensive expertise in value creation and strategic finance, made him particularly fit at this time.
McDonnell, 56, holds a bachelor's degree in accounting from Georgetown University and is a certified public accountant who has worked at PricewaterhouseCoopers for 14 years.
2015, he joined Quintiles, which merged with IMS Health the following year to form IQVIA, with McDonnell as executive vice president and chief financial officer.
IQVIA successfully completed three acquisitions between November 2017 and February 2019.
this has led to speculation that Mr. Yan will increase mergers and acquisitions in the future, especially mature projects.
Vounatsos also acknowledged that the company needs to accelerate improvements to its prospects for recent research and development pipelines.
Reference source: 1, At a pivotal moment, Biogen loses another top executive2, Biogen unexpectedly replaces CFO Capello with IQVIA vet, sparking M.amp;A.