David Hung makes a quick, abrupt exit at Axovant after humiliating setbacks

David Hung

A month after experiencing one of the most humiliating setbacks in biotech, David Hung is bowing out as CEO of Axovant $AXON.

Hung, you’ll recall, had only recently completed a $14 billion deal to sell Medivation to Pfizer when he agreed to take the helm at Vivek Ramaswamy’s Alzheimer’s company just 10 months ago. His new deal gave him a direct line to a potential fortune, provided the drug — once touted as “a great drug candidate” by Roivant founder Vivek Ramaswamy — actually worked.

But their 5HT6 drug failed to make a mark on symptoms of the disease, and the one positive piece of data the company could report turned out to be an amateurish statistical error — something that professionals around the world cringed at.

Axovant’s already brutalized shares tumbled more than 20% in pre-market trading Monday morning, shoving its market cap down even further. Once valued at more than $2 billion, the vast majority of that has been shredded.

Pavan Cheruvu

Along with Hung went his whole camp: Marion McCourt — the former COO at Medivation — resigned to “pursue another opportunity, and directors Kate Falberg, Tony Vernon, and Patrick Machado have resigned as members of the company’s board of directors.”

Ex-McKinsey consultant and Harvard Med graduate Pavan Cheruvu is taking Hung’s place. George Bickerstaff, the former CFO of Novartis Pharma, joined Axovant’s board of directors along with ex-United Therapeutics CEO Roger Jeffs.

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Biotech Investment Analyst
SV Health Investors Boston, MA
Director, Program Management
Contrafect Corporation New York, NY
Director, Translational Sciences
Cadent Therapeutics Cambridge, MA

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