After two decades at the helm of Vertex Pharmaceuticals, CEO Dr. Joshua Boger announced that he will retire in May. Shire chairman Matthew Emmens will take over the top spot after Boger's departure and will immediately become president of the company. Vertex is valued at $5 billion but has lost $2 billion over its 20-year history. Its lead drug candidate is telaprevir, a Phase III hepatitis C treatment that, if approved, could become a blockbuster for the company, as well as its first successful drug. Several other companies--including Roche, Schering-Plough and Pfizer--are also racing to develop treatments for the hep C market. Vertex is expected to file an NDA for the drug in 2010.
"I am very proud of what Vertex has accomplished, and we now stand on the cusp of great clinical and medical success," Boger said in a statement. "I welcome Matt, and have great confidence in his extensive experience leading companies through launches of breakthrough products, to take the reins and guide Vertex as we bring our innovations to patients."
- see Vertex's release
- here's the WSJ article