Hung Out As Axovant Rebuilds Its Pipeline, Expands Focus Beyond Dementia
CEO Hung resigns after less than a year; he and several others leave behind a dementia-focused specialty pharma that will return to its entrepreneurial roots to build a broader neuroscience pipeline. Parent company Roivant turns to a less conventional choice, Parvan Cheruvu, to take the helm.
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Biotech stock indices have seen a recent recovery but remain well below their 2021 peaks raising questions about the likelihood of raising money for R&D. The number of companies announcing leadership changes, shifting pipeline priorities and job cuts is rising as a result.
The former Medivation CEO, after a brief detour heading up Axovant, is returning to oncology, but the new company is keeping details about the seven cancer drug programs in its pipeline under wraps.
Respivant will be Roivant's 13th "vant," focused on developing what was Patara Pharma's mast cell stimulator for chronic cough in patients with idiopathic pulmonary fibrosis. Former Patara CEO Bill Gerhart will lead the firm.