- Aradhana Sarin, M.D., to become CFO after filing of Q3 2019 results -
- Paul Clancy to step down as CFO and serve as senior advisor through mid-2020 -
BOSTON--(BUSINESS WIRE)--Sep. 17, 2019--
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) today announced plans for the transition of Executive Vice President and Chief Financial Officer Paul Clancy later this year. He will be succeeded by Aradhana Sarin, M.D., who is currently the Chief Strategy and Business Officer. Mr. Clancy and Dr. Sarin will work together in a formal transition that will occur after the filing of the company’s third quarter results, and Mr. Clancy will remain at Alexion and continue to serve as a senior advisor through the middle of 2020.
“On behalf of the entire Board and executive team, I would like to thank Paul for his enormous contributions and leadership during such a critical time for the company. Over the last two years, he has played an invaluable role in our efforts to rebuild Alexion, refocus our corporate strategy and position the company for its next chapter,” said Ludwig Hantson, Ph.D., Chief Executive Officer at Alexion. “As Paul’s successor, I am confident Aradhana will help us continue to build on the strong foundation we’ve established and execute on our business strategies. In her nearly two years at Alexion, Aradhana has created significant value for the company, leading our business development efforts to rebuild our pipeline and driving our strategic vision as we position the company for long-term success.”
Dr. Sarin has been with Alexion since November 2017, during which time she has taken on roles of increasing responsibility. She is currently a member of Alexion’s executive committee, serving as Executive Vice President, Chief Strategy and Business Officer, and was previously Senior Vice President, Business Development and Corporate Strategy. Trained as a medical doctor in India, Dr. Sarin had more than 20 years of experience at global financial institutions prior to joining Alexion with extensive knowledge of global healthcare systems as well as an excellent understanding of the biopharmaceutical sector. In her time at Alexion, Dr. Sarin has been responsible for ensuring continued growth and executional excellence across the company’s increasingly complex and diverse portfolio. During the past two years, she led the company’s disciplined business development efforts, overseeing nine business development deals that have been critical to rebuilding and diversifying Alexion’s pipeline. She has also been responsible for ensuring the company is positioned to meet the demands of its refocused corporate strategy.
“With the experienced team and resources we have in place, Alexion is well positioned to continue executing on our mission of transforming the lives of people with rare diseases,” said Dr. Sarin. “I look forward to continuing to work with our executive team and our Board to deliver on our promising future.”
“It has been a true honor to serve as the CFO of Alexion during this time of significant transformation,” said Mr. Clancy. “I am extremely proud of the Alexion team, the progress we have made and our many accomplishments aimed at improving the lives of people with rare diseases. I believe Alexion has great potential and the ability to achieve its strategic vision, and I will work with the entire team to ensure a seamless transition.”
Alexion is a global biopharmaceutical company focused on serving patients and families affected by rare diseases through the discovery, development and commercialization of life-changing therapies. As the global leader in complement biology and inhibition for more than 20 years, Alexion has developed and commercializes two approved complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria (PNH) as well as the first and only approved complement inhibitor to treat atypical hemolytic uremic syndrome (aHUS), anti-acetylcholine receptor (AchR) antibody-positive generalized myasthenia gravis (gMG) and neuromyelitis optica spectrum disorder (NMOSD). Alexion also has two highly innovative enzyme replacement therapies for patients with life-threatening and ultra-rare metabolic disorders, hypophosphatasia (HPP) and lysosomal acid lipase deficiency (LAL-D). In addition, the company is developing several mid-to-late-stage therapies, including a second complement inhibitor, a copper-binding agent for Wilson disease and an anti-neonatal Fc receptor (FcRn) antibody for rare Immunoglobulin G (IgG)-mediated diseases as well as several early-stage therapies, including one for light chain (AL) amyloidosis and a second anti-FcRn therapy. Alexion focuses its research efforts on novel molecules and targets in the complement cascade and its development efforts on the core therapeutic areas of hematology, nephrology, neurology, and metabolic disorders. Alexion has been named to the Forbes’ list of the World’s Most Innovative Companies seven years in a row and is headquartered in Boston, Massachusetts’ Innovation District. The company also has offices around the globe and serves patients in more than 50 countries. This press release and further information about Alexion can be found at: www.alexion.com.
This press release contains forward-looking statements, including statements related to: the Company will be able to execute on its business strategy; the Company is positioned to meet the strategic needs of its refocused corporate strategy; the Company can achieve its promising future; and Alexion has great potential and the ability to achieve its strategic vision. Forward-looking statements are subject to factors that may cause Alexion's results and plans to differ materially from those forward-looking statements, including for example: our dependence on sales from our principal product (SOLIRIS); our ability to facilitate the timely conversion of PNH patients (and any future approved indications) from SOLIRIS to ULTOMIRIS; delays (expected or unexpected) in the time it takes regulatory agencies to review and make determinations on applications for the marketing approval of our products; Alexion’s inability to timely submit (or failure to submit) future applications for regulatory approval for our products and product candidates; payer, physician and patient acceptance of ULTOMIRIS as an alternative to SOLIRIS; appropriate pricing for ULTOMIRIS; future competition from biosimilars and novel products; inability to timely initiate (or failure to initiate) and complete future clinical trials due to safety issues, IRB decisions, CMC-related issues, expense or unfavorable results from earlier trials (among other reasons); decisions of regulatory authorities regarding the adequacy of our research, marketing approval or material limitations on the marketing of our products; delays or failure of product candidates to obtain regulatory approval; delays or the inability to launch product candidates due to regulatory restrictions, expense or other matters; interruptions or failures in the manufacture and supply of our products and our product candidates; failure to satisfactorily address matters raised by the FDA and other regulatory agencies regarding our products and product candidates; results in early stage clinical trials may not be indicative of full results or results from later stage or larger clinical trials (or in broader patient populations) and do not ensure regulatory approval; the possibility that results of clinical trials are not predictive of safety and efficacy and potency of our products (or we fail to adequately operate or manage our clinical trials) which could cause us to halt trials, delay or prevent us from making regulatory approval filings or result in denial of regulatory approval of our product candidates; unexpected delays in clinical trials; unexpected concerns that may arise regarding our products and product candidates from additional data or analysis obtained during clinical trials; future product improvements may not be realized due to expense or feasibility or other factors; uncertainty of long-term success in developing, licensing or acquiring other product candidates or additional indications for existing products; inability to complete planned acquisitions due to failure of regulatory approval or material changes in target or otherwise; inability to complete acquisitions and investments due to increased competition to acquire technology; the possibility that current rates of adoption of our products are not sustained (or anticipated adoption rates are not realized); the adequacy of our pharmacovigilance and drug safety reporting processes; failure to protect and enforce our data, intellectual property and proprietary rights and the risks and uncertainties relating to intellectual property claims, lawsuits and challenges against us (including intellectual property lawsuits relating to ULTOMIRIS brought by third parties against Alexion and inter partes review petitions submitted by third parties); the risk that third party payors (including governmental agencies) will not reimburse or continue to reimburse for the use of our products at acceptable rates or at all; failure to realize the benefits and potential of investments, collaborations, licenses and acquisitions; the possibility that expected tax benefits will not be realized; assessment of impact of recent accounting pronouncements; potential declines in sovereign credit ratings or sovereign defaults in countries where we sell our products; delay of collection or reduction in reimbursement due to adverse economic conditions or changes in government and private insurer regulations and approaches to reimbursement; uncertainties surrounding legal proceedings, company investigations and government investigations, including investigations of Alexion by the U.S. Securities and Exchange Commission (SEC) and U.S. Department of Justice; risks related to changes in the Company’s management and management team; the risk that estimates regarding the number of patients with PNH, aHUS, gMG, NMOSD, HPP and LAL-D and other future indications we are pursuing are inaccurate; the risks of changing foreign exchange rates; risks relating to the potential effects of the Company's restructuring; risks related to the acquisition of companies and co-development and collaboration efforts; and a variety of other risks set forth from time to time in Alexion's filings with the SEC, including but not limited to the risks discussed in Alexion's Quarterly Report on Form 10-Q for the period ended June 30, 2019 and in our other filings with the SEC. Alexion disclaims any obligation to update any of these forward-looking statements to reflect events or circumstances after the date hereof, except when a duty arises under law.
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Source: Alexion Pharmaceuticals, Inc.
Megan Goulart, 857-338-8634
Senior Director, Corporate Communications
Susan Altschuller, Ph.D., 857-338-8788
Vice President, Investor Relations