The longtime biotech exec and OncoMed $OMED CEO Paul Hastings is going on medical leave.
There’s no immediate word about what ails him, but the biotech says that Hastings will keep his titles as he remains on medical leave at the biotech, which is focused on new cancer therapies.
In the meantime, the company will be led by a senior management team with an “Office of the President” consisting of R&D chief John Lewicki and CFO Sunil Patel. In addition, OncoMed’s board has appointed a special committee consisting of Jack Lasersohn, the lead director, with Perry Karsen, Deepa Pakianathan and Rick Winningham to work closely with Lewicki and Patel during Hastings’ leave.
Hastings and OncoMed have had some tough setbacks to deal with this year. A little more than a year after its number two drug foundered in a Phase II failure, its top drug demcizumab — partnered with Celgene in a multibillion-dollar deal — flopped in a Phase II in the spring. And the biotech followed up with the news that Bayer was bypassing a tie-up on two other key programs, completing a one-two punch.
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