Aegerion Pharmaceuticals CEO Marc Beer may be a fast talker but he has been a bit of a slow walker when it comes to giving up his position as CEO. The executive, who got the company into trouble with the feds for speaking too freely on TV about the upside of his company's lead drug, has acquiesced to investor demands and moved on.
Aegerion Pharmaceuticals CEO Marc Beer has stepped down from his post after reaching a tenuous cease-fire with activist investors, leaving behind a company with an uncertain future.
Nearly two months after activist investor Sarissa Capital disclosed a major stake in Aegerion Pharmaceuticals, the biotech has signed an agreement giving Alex Denner's group some board representation in exchange for a reprieve from tension.
A syndicate led by activist investor Alex Denner has acquired roughly 5.8% of Aegerion Pharmaceuticals, contending that the struggling biotech's shares are undervalued and requesting a sit-down with management.
Comments by Marc Beer, CEO of Aegerion Pharmaceuticals, got the company slapped with an FDA warning letter for exaggerating the benefits of its cholesterol-lowering drug Juxtapid during a television appearance on CNBC's "Fast Money" program. Beer had nothing to say Wednesday when the company announced the FDA had closed the matter out, satisfied with the "corrective actions" the company had taken.
Aegerion Pharmaceuticals CEO Mark Beer likes to talk about the company's one and only drug, cholesterol fighter Juxtapid. Maybe a little too much, the FDA said recently in a warning letter about comments he made on television. But Beer has a new audience asking about it, and it is one most CEOs would prefer not to have to face: the Department of Justice.
Notice to pharma CEOs: Before you appear on television, brush up on your marketing rules. Aegerion Pharmaceuticals CEO Marc Beer apparently did not, and the FDA has now come calling.
Two drugmakers reported regulatory victories for therapies in the important European market. A European Medicines Agency committee endorsed approval of Celgene's ($CELG) pomalidomide for multiple myeloma and Aegerion's ($AEGR) Lojuxta for a genetic cause of high cholesterol called homozygous familial hypercholesterolemia.
Late Tuesday the FDA came through with an approval for mipomersen (Kynamro), an antisense drug advanced by Isis and partnered with Sanofi's Genzyme. It's the second new drug approved recently for homozygous familial hypercholesterolemia, a rare and dangerous form of high cholesterol.
So what goes into landing on $295,000 as the annual cost of a drug that maybe only 3,000 patients a year will use? That is the price tag that NPS Pharmaceuticals ($NPSP) has put on the recently approved Gattex, a treatment for short bowel syndrome.