Merck & Co., Inc. (MRK) Top Scientist Plans Major Changes for Drug Research
9/11/2013 7:32:04 AM
Merck & Co. (MRK)’s new top scientist is planning major changes for the second-largest U.S. drugmaker, including cutting dead-end research projects and focusing its laboratories on biotechnology and cancer medicines. Roger Perlmutter, Merck’s research and development chief, outlined his plans at a dinner with analysts yesterday at the Capital Grille steakhouse in downtown Manhattan. He replaced the company’s previous research chief, Peter Kim, in April. Perlmutter “told the R&D organization that ‘this is going to be major surgery’ that ‘will take time to recover,’ but bring forth a stronger organization,” Seamus Fernandez, an analyst with Leerink Swann & Co. who was at the dinner, said in a note to clients.
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