Mark Alles’ makeover of the top executive team at Celgene now includes a new CFO. Alles has recruited David Elkins in from his job as J&J’s worldwide CFO for consumer products. He’ll now be joining Celgene as it battles back against a growing chorus of criticism over its financial and pipeline performance.
Elkins is replacing Peter Kellogg as CFO, who is transitioning out by taking a temporary job as chief corporate strategy officer until his retirement next year.
Under pressure to get his ship in order after a stormy period of steep price hikes for its franchise drug, the failure of a key Phase III program and a nasty delay for the biotech’s top development prospect, Alles has been overseeing some big changes for his team.
As we reported first days ago, top dealmaker George Golumbeski quietly exited a month ago after completing his own slow departure. COO Scott Smith bounced out a couple of months ago, as Alles took on more of the responsibilities at Celgene, where analysts have been shaking their heads over the series of snafus to beset the company.
To top it all off, Leerink’s Geoffrey Porges offered a scathing review of the company’s R&D performance, noting a large number of disappeared projects from a pipeline that earns little valuation — after a years-long romp of deals and acquisitions.
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