The founder and CEO of Millennium, Mark Levin, is expected to announce his departure from the company today. Deborah Dunsire, a senior VP at Novartis, will take over as CEO while Kenneth Weg, a former executive at Bristol-Myers Squibb, will take over as chairman of the board. That transition marks a new phase for the company, says Weg, as Millennium moves from a drug discovery company to a more mature marketing outfit. Millennium has two products in the market: Integrilin, a cardiovascular drug, and Velcade, a cancer drug.
The new CEO will face an enormous task. Millennium lost $252 million on $448 million in revenue last year. It has never turned a profit. Analysts will look for quick evidence that the company can get its revenue growing at a rapid pace.
- read this story in the Boston Globe for more