December 19, 2016
By Alex Keown, BioSpace.com Breaking News Staff
NEW YORK – We’ve seen the worst of leadership in biopharma in 2016, but now it’s time to take a look at company leaders who have made the right moves this year. The Street’s Adam Feuerstein tapped five chief executives to share the honor of being the best.
1. Ken Frazier, Merck
Feuerstein tapped Merck ’s Frazier for choosing a “more conservative approach” to testing immunotherapy drug Keytruda in lung cancer patients. Feuerstein said Frazier was quick to reach when Bristol-Myers Squibb ’s Opdivo flunked out in the same treatment area. In August, BMS said Opdivo failed to meet its endpoints of progression-free survival in patients expressing PD-L1 at 5 percent in a Phase III trial. That setback for Opdivo gave rival Merck the window it needed for its own PD-1 inhibitor, Keytruda, to grab some market share. Merck is looking for the U.S. Food and Drug Administration to rule on Keytruda as a first-line treatment for lung cancer by Christmas. Keytruda has already been approved for lung cancer patients whose cancer got worse after chemotherapy.
2. David Hung, Medivation
Hung was selected for his role in playing tough when his company was the belle of the M&A ball earlier this year. Medivation was being courted by companies such as Sanofi , Celgene , Gilead Sciences and Pfizer , which was the ultimate winner. Hung was able to secure Medivation investors a nice payday when Pfizer forked over $14 billion to acquire the Bay Area company.
3. Scott Jackson, Celator
New Jersey-based Celator was successful in revitalizing its multiple myeloma drug Vyxeos. In March, the drug received Breakthrough Therapy designation from the U.S. FDA. Shortly after, Celator was snapped up by Ireland-based Jazz Pharmaceuticals for about $1.5 billion. Jazz said the acquisition of Celator and its Vyxeos will advance the company’s growth strategy and broaden its hematology and oncology portfolios. Jackson’s leadership and the results of vyxeos sent company stock through the roof. Before the vyxeos data was announced, shares of Celator sold for under $2. By the time Jazz approached the company, shares of Celator were worth $30.25.
4. Ed Kaye, Sarepta Therapeutics
Feuerstein said Kaye is a hero to patients and families of those suffering from Duchenne muscular dystrophy for “bucking long odds to secure the approval of Exondys.” While Feuerstein said he knows some will disagree with his choice of Kaye for the list, he ranked the CEO due to his leadership throughout the year. “Under Kaye’s watch, Sarepta accomplished what most people thought couldn’t get done. Exondys is the first drug approved to treat the underlying cause of Duchenne. For that, Kaye deserves a ton of credit,” Feuerstein said.
5. Mike Morrissey, Exelixis
Feuerstein placed Morrissey on the list for his leadership—leadership that saw shares of company stock triple in value over the year. This year Exelixis won approval in the U.S. and Europe for its kidney cancer drug Cabometyx. Feuerstein said cabometyx has performed well, even when compared to Bristol-Meyers Squibb’s Opdivo.
