Founding Forma CEO Steve Tregay follows 61 staffers out the exit, replaced by Genentech strategy vet
Two months after we broke the story that Forma Therapeutics had axed R&D staff in a major reorganization of the company, founding CEO Steve Tregay is now joining the exodus. He’s being replaced at the helm by Genentech vet and chief strategy officer Frank D Lee.
During Tregay’s 10-year stint at Forma he struck a number of impressive collaborations, but refused to tell me what the status of the big Celgene alliance was when contacted about the restructuring. In Tregay’s view, a private company can reveal what it likes, when it likes.
He did confirm, though, that Forma had cut 61 staffers, “advancing our clinical programs through proof of concept studies, executing late-stage research programs with rigor and determination to enter the clinic, and organizing our early discovery efforts in a format that further reinforces the innovative approach for which Forma is known.”
Tregay, now stepping into a new role as “senior advisor to the CEO,” will be replaced by Lee, whose last title at Genentech was senior vice president, global product strategy. He’s had a direct hand in launching some of Genentech’s top franchise drugs. And he becomes the latest in a long line of Genentech execs to leave the Roche subsidiary for a new career in biotech.
Chairman Peter Wirth wished Tregay well as he transitioned to “his next endeavor.”