Celgene COO Scott Smith Precipitously Resigns
It has always been said that past performance doesn’t always influence future results, but when you are in the biotechnology business, the same rule doesn’t always apply.
Celgene has had a rocky last couple of months, with its share price dropping from $146 to $87 since October last year. This time, the blame game seems to fall on Chief Operating Officer, Scott Smith.
The biotech company revealed Monday that Smith would be leaving the company “effective immediately”, with no further reasons given for his departure, other than it was part of efforts to modify its executive team to focus on “long-term success,” writes Reuters.
Only a month ago, US regulators (surprisingly) rejected Celgene’s application seeking approval of a key multiple sclerosis drug, due to insufficient data. Not only is a “refuse to file” an embarrassing turn for any company — the delays installed by such a decision are even worse.
Chief Executive Officer, Mark Alles, will the one to take on Smith’s responsibilities, in addition to his existing duties. He will also be responsible for all major parts of Celegene’s business, including clinical development, regulatory and its lucrative haematology and oncology business.