Biogen is looking for a new CEO less than a year after its launch of its Alzheimer’s drug Aduhelm largely fizzled.
Biogen will replace its CEO and largely abandon marketing of itsAduhelm less than a year after the medication's launch triggered a backlash from experts, doctors and insurers.
For now, Biogen announced it is “substantially eliminating” spending on Aduhelm as part of a $1 billion dollar cost-saving plan designed to refocus the company's flagging pharmaceutical business. Aduhelm was the first new Alzheimer’s drug introduction in nearly two decades. Initially priced at $56,000 a year, it was expected to quickly become a blockbuster drug that would generate billions for Biogen.
Last month the federal government's Medicare health plan imposed strict coverage limitations on who can get the drug, which brought in $2.8 million in sales in the first quarter, which just ended. The vast majority of U.S. Alzheimer's patients are old enough to qualify for Medicare, which covers more than 60 million people, including those 65 and older, and disabled people under 65.
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