WuXi AppTec has hired Frederick Hausheer, M.D., as its new chief medical officer as it looks to mine his clinical trial expertise for its boosted drug development offerings.
The biopharma service company, which is based in Shanghai, China, and has ops in Austin, Texas, hired Hausheer to take “medical, scientific and operational leadership” to WuXi clinical ops in the U.S., China and other territories.
He’s also being tapped to “provide inputs on medical and clinical development strategies aimed at seamless integration from preclinical translational research and development into first-in-human studies, as well as for phase 1-4 clinical development plans for our customers.”
He brings more than 30 years' experience in global oncology clinical drug development as well as translational science and medicine in both biopharma and academic settings, being founder and former chair of BioNumerik Pharmaceuticals and serving on the National Cancer Institute Experimental Therapeutics Section, the NCI Decision Network Panel and the NCI Institutional Review Board.
“We’re very excited to welcome Dr. Hausheer onboard as our chief medical officer,” said Edward Hu, co-CEO of WuXi AppTec. “Dr. Hausheer's rich experience in global oncology clinical drug development and translational science and medicine makes him ideally suited to taking this role. We are confident in his leadership to strengthen WuXi's clinical development capabilities and capacity globally, and enable more customers to develop better medicine faster to benefit patients around the world.”
This comes amid changes at the top for WuXi including an unusual change in its CEO role, after promoting Hu from chief financial officer to co-CEO, with Ge Li, remaining chairman and chief executive and the person Hu still reports to.
In May last year, WuXi AppTec launched its IPO on the Shanghai exchange. Within weeks, the company’s stock price rose sixfold, representing an increase by the daily maximum of 10% allowed by the exchange over 15 straight trading sessions. That sent WuXi AppTec’s market cap to $21.09 billion by May 29, compared to IQVIA’s $20.41 billion and the $18.26 billion of Covance’s parent company, LabCorp.
WuXi AppTec delisted from the New York Stock Exchange in 2015 as part of a deal to take the company private. At that time, the company was valued at $3.3 billion. It also at the end of last year listed on the Hong Kong exchange, but did not fare as well.