Drug maker Biogen Idec Inc. (BIIB) Thursday named William Young as the chairman of its board of directors effective January 1, 2010. He succeeds Bruce Ross who will complete his term as director and would step down from the board at the 2010 annual shareholder meeting.
Young is the chairman and chief executive officer at Monogram Biosciences Inc. From 1997 to 1999, he served as chief operating officer of Genentech Inc., having joined it in 1980 as director of manufacturing and process sciences, and subsequently became vice president in 1983. Then he was promoted to various positions and in 1997, became chief operating officer with responsibility for all development, operations and sales and marketing activities. Prior to his association with Genentech, Young was with Eli Lilly & Co. for 14 years.
A chemical engineer from Purdue University, Young served as a director of IDEC Pharmaceuticals in 1997. He is also a director of Monogram Biosciences Inc. and Theravance Inc. Young was elected to the National Academy of Engineering in 1993 for his contributions to biotechnology.
Commenting on the Young's appointment, outgoing chairman Ross said, "I am pleased the Board has selected Bill Young as Biogen Idec's new Chairman. He is an experienced biotechnology and pharmaceutical industry executive with an extensive understanding of Biogen Idec, given his 12 years of service as a director of the company."
Bruce Ross was appointed chairman of the company's board in January 2006. He is currently president of Cancer Rx, a healthcare-consulting firm. Immediately prior to launching Cancer Rx, Ross was chief executive officer of the National Comprehensive Cancer Network, an association of 15 of the largest cancer centers in the U.S.
Ross had held senior management positions during a 27-year career at Bristol-Myers Squibb, including that of senior vice president, policy, planning and development, Bristol-Myers Squibb Pharmaceutical Group and president, Bristol-Myers Squibb U.S. Pharmaceutical Group. Ross served as a director of IDEC Pharmaceuticals in 1997.
Commenting on Ross resignation, the company's board said, "We are deeply appreciative of all that Bruce Ross has accomplished in his four years as chairman of Biogen Idec's Board and his 13 years as director. During that time, the company developed and brought to market products that have made a real difference in the lives of many thousands of patients and that have driven tremendous growth at Biogen Idec."
In addition, the Cambridge, Massachusetts-based Biogen also indicated Marijn Dekkers, a director of the company since May 2007, would be stepping down effective at the year end, before assuming his responsibilities as the new chief executive officer of Bayer HealthCare and a member of the management board of Bayer AG on January 1, 2010. Dekkers most recently was president and chief executive officer of Thermo Fisher Scientific, Inc.
BIIB closed Thursday's regular trading at $48.26, down $0.09 or 0.19%, on a volume of 2.18 million shares on the Nasdaq. The stock lost $0.09 or $0.19 in after hours, trading at $48.17.
For comments and feedback: editorial@rttnews.com