Biotech Today: Here’s the Tea ☕ 🧬
If you follow the biotech sector (or just the news in general, tbh) you’ve probably heard about the drama related to Biogen’s Alzheimer’s drug, Aduhelm — basically, after Biogen fumbled news about the efficacy of Aduhelm to the public, Medicare refused to pay for the drug. Now, Biogen’s CEO is resigning. That’s the tea. ☕
Michel Vounatsos, CEO of Biogen, is resigning and leaving behind his Aduhelm project, and with it, the potential for a blockbuster breakthrough in the biotech world. Vounatsos said that he will stay on the company’s board and assist in the search for a new CEO, but Biogen’s marketing of Aduhelm will end with Vountasos’ departure. Cutting marketing for Aduhelm is saving the company a whopping $500 million.