For the now-former chief of Sanofi, Chris Viehbacher, there's plenty of money for a cushion, but it won't be nearly as plump as the packages granted to his counterparts in the U.S.
Chris Viehbacher took the helm of Sanofi with one clear message about the future: R&D at the Big Pharma had to undergo a radical restructuring. The lost decade in drug development following 2000 proved that Sanofi and others had to mend their ways, he said, forcing the company to reach outside the organization for innovation and shed the dead wood that had accumulated in its research ops.
CEO Chris Viehbacher's future may not have been on the Sanofi board's agenda Monday. But it was on Wednesday. The directors issued a statement after an 8 a.m. meeting, the gist of which is this: At Sanofi, he has none.
Pharma is riding an M&A deal wave like none the industry has ever seen, with companies looking to shed noncore businesses and bulk up in areas they want to focus on. But Sanofi? Not interested, CEO Chris Viehbacher says.
Don't expect Sanofi's Chris Viehbacher to bring a shopping cart when he settles into his new home in the biopharma hub of Boston, as the CEO tells Bloomberg that he'd rather stand pat with his pipeline than pay a premium inflated by the recent biotech boom.
As CEO of Paris-based Sanofi, Chris Viehbacher has never made any secret of his crush on the Boston-area biotech hub. He paid $20 billion for Genzyme, recently bought into Cambridge, MA-based Alnylam, partnered locally and made regular appearances in local industry circles.
While other companies are hiving off large pieces of their operations to get fit and focused, Sanofi has decided to simply clean out its closet.
While other companies are hiving off large pieces of their operations to get fit and focused, Sanofi has decided just to clean out its closet. By selling off a number of older products, it can make room for the kind of bolt-on deals CEO Chris Viehbacher on Tuesday said interest him.
Just days after GlaxoSmithKline announced it would open a new R&D lab and invest more than $200 million in Africa, Sanofi CEO Chris Viehbacher is affirming his country's devotion to Africa, too.
Sanofi hasn't had much to brag about when it comes to new product launches in the 5 years since Chris Viehbacher took the helm of the pharma giant. While he's tried, not always successfully, to reinvigorate R&D--buying Genzyme in the process--new therapies have added less than a billion euros a year to the top line, according to PMLive.