A wob­bly Bio­gen makes a sur­prise switch in the ex­ec­u­tive suite, trig­ger­ing a re­newed burst of M&A chat­ter

Right on the eve of re­leas­ing their Q2 num­bers, Bio­gen $BI­IB man­aged to sur­prise just about every­one with the news Tues­day night that CFO Jeff Capel­lo — in the hot seat for less than 3 years — had hit the ex­it, with his re­place­ment set to ar­rive in a cou­ple of weeks. And spec­u­la­tion im­me­di­ate­ly turned to fig­ur­ing out what was afoot, giv­en the high wire act that the big biotech is cur­rent­ly en­gaged in with ad­u­canum­ab.

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