Sanofi's head of vaccines leaves to head competitor Ipsen
Sanofi’s head of vaccines David Loew will quit to become chief executive of Ipsen from July 1, the two French drugmakers said on Friday, Reuters reports.
The announcement comes at a critical time as Sanofi is working on two vaccine projects to protect against COVID-19, the illness caused by the new coronavirus.
Loew, who has been with Sanofi for almost seven years and in charge of the vaccines unit since 2016, will fill a management vacuum at Ipsen, which has been struggling to find a new CEO since the departure of David Meek at the end of last year.
His main task will be to boost Ipsen’s pipeline, including on the back of deals or acquisitions in the fields of oncology, rare diseases and neurosciences, as well as to deliver on financial results.
The company is looking to strengthen its portfolio to offset the long-term generic threat to its top-selling cancer treatment Somatuline.
Ipsen lowered its 2022 outlook in February to take into account setbacks in trials of bone disorders product palovarotene, inherited last year from the $1.3 billion acquisition of Canadian biotech company Clementia Pharmaceuticals.