Former InterMune CEO Brings Deep Biotech Expertise and Operational Leadership to High Performing Team
MENLO PARK, Calif., Jan. 8, 2015 /PRNewswire/ -- Sofinnova Ventures, a Menlo Park based life science investment firm, announced today that Daniel G. Welch, former CEO of InterMune, has joined the Sofinnova team as an Executive Partner.
Mr. Welch has a distinguished track record as a biotech executive, with over 30 years of experience across both multi-national pharmaceutical companies and biotech companies.
Most recently, he was the Chairman, CEO and President of InterMune. Beginning in 2003, Mr. Welch led a comprehensive company turn-around, refocusing the company's development efforts. During his tenure, the company secured registration of Esbriet, the first medicine approved for idiopathic pulmonary fibrosis in Europe and the United States. Mr. Welch built the InterMune development and commercial teams that delivered the successful approval of Esbriet. In October 2014, Roche acquired InterMune for $8.3B, a 60% premium to the pre-deal price.
Mr. Welch serves on the board of directors of Hyperion Therapeutics, a current Sofinnova portfolio company, and Seattle Genetics, where Sofinnova was a founding investor.
"I have had the opportunity to work with many members of the Sofinnova team throughout my career. We share a strong commitment to developing innovative therapeutics and companies that can address unmet medical needs and create value for investors," said Mr. Welch. "I'm very pleased to join them and look forward to contributing to the firm's continued success."
"We are excited to have Dan join the Sofinnova team. His knowledge and experience are valued across critical areas of our industry, from clinical stage drug development through to large-scale commercialization, as well as operations and building international businesses. We are confident that our portfolio and performance will benefit from his expertise," commented Jim Healy, Sofinnova General Partner, former InterMune board member and current Chairman of Hyperion.
"We have known and worked with Dan as board members and as business colleagues through a variety of companies and investments. It will be terrific to leverage his business skills, sharp mind and deep network as we support our existing investments and expand our portfolio," commented Srini Akkaraju, Sofinnova General Partner and Seattle Genetics board member.
The Sofinnova team recently completed the fundraising effort for its ninth healthcare fund, Sofinnova Ventures IX, reaching its hard cap of $500 million in investor commitments.
Mr. Welch started his career at Adria Laboratories, and subsequently held senior positions at American Critical Care (acquired by DuPont). Mr. Welch then joined Sanofi-Synthelabo, where he held a series of positions of increasing responsibility, ultimately serving as EVP and COO, and was responsible for all US operations including the launch of Plavix. He joined Elan Corporation in 2000, where he served as President, Biopharmaceuticals and Diagnostics, running the largest business unit for Elan, with 2002 revenues of over $1.2B, and over 2,400 employees globally. Mr. Welch then led Triangle Pharmaceuticals as Chairman and CEO. During his tenure, the company completed development of and submitted the NDA for the company's lead compound Emtriva, one of the components in Gilead's very successful fixed-dose combination HIV regimens. Triangle was acquired by Gilead Sciences, Inc. for $464 million, a 60% premium to the pre-deal share price.
Mr. Welch received an MBA from the University of North Carolina and a BS in Marketing from the University of Miami, Florida.
About Sofinnova Ventures
Sofinnova Ventures has over 40 years of experience building life science companies into market leaders. With $1.8 billion in committed capital, the firm applies capital and expertise to take companies from inception to exit. Sofinnova's investment team of MDs, PhDs and seasoned executives has significant scientific, operational and strategic experience, and specializes in financing clinical therapeutics. Our team partners with entrepreneurs to build successful companies, advance medicine and address patients' unmet medical needs.
Sofinnova is headquartered in Menlo Park, CA with offices in La Jolla, CA and Dublin, Ireland.
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