USA — Biogen, a renowned biotechnology company, has announced significant changes to its board of directors, with three members deciding not to seek re-election.
This development has caught the attention of industry observers, who see it as a sign of a potential shift towards a more harmonious boardroom atmosphere at Biogen.
Late on Monday, Biogen disclosed that Alexander Denner, William Jones, and Richard Mulligan would be stepping down from their positions.
Simultaneously, Susan Langer, a former executive holding various roles within the company, including head of corporate strategy, has been nominated to fill one of the vacant seats.
To provide ample time for investors to review these proposed changes, Biogen has adjourned its annual meeting of stockholders, originally scheduled for June 14, until June 26.
However, Langer’s nomination has raised some concerns among shareholders. At the age of 32, she would be significantly younger than any other current board member at Biogen.
Moreover, according to STAT News, Denner, a long-serving board member known for his activist investor approach, nominated Langer, with whom he has had a controversial romantic relationship resulting in a child.
Court records obtained by STAT indicate that Denner is currently going through a divorce, making his relationship with Langer a contentious matter.
Interestingly, Biogen’s official documents filed with the Securities and Exchange Commission did not mention the romantic relationship between Denner and Langer when outlining the proposed board changes.
When approached for comment, a Biogen spokesperson highlighted Langer’s qualifications and expressed confidence that she would bring significant value to the board.
Langer, who serves as the president of the stealth-mode startup Souffle Therapeutics, boasts an impressive background in the biotechnology industry.
She has held leadership positions at Kojin Therapeutics and Paratus Sciences, held a board seat at NextRNA Therapeutics, and worked as a venture partner at Old Silver VC and a managing partner at Guava Partners.
Furthermore, Langer’s father is billionaire Bob Langer, a prominent professor at the Massachusetts Institute of Technology and a co-founder of Moderna and several other companies.
These newly disclosed departures come in the wake of a long-running series of changes in Biogen’s upper echelons.
The company had previously announced the forthcoming resignation of its board chairman, Stelios Papadopoulos, who will be succeeded by Caroline Dorsa, another board member.
In addition, since 2019, Biogen has appointed new executives in key positions, including chief financial officer, head of drug development, head of corporate development, and CEO Christopher Viehbacher, the former Sanofi CEO.
According to Brian Abrahams, an analyst at RBC Capital Markets, the recent and planned changes in Biogen’s board composition signify a significant strategic shift within the company.
Notably, previous disagreements among board members have been seen as a contributing factor to Biogen’s reluctance to pursue larger deals.
Over the past two decades, the company’s largest acquisition was the US$800 million purchase of gene therapy developer Nightstar Therapeutics in 2019.
Viehbacher has made it clear that he is open to exploring mergers and acquisitions, stating to investors earlier this year, “There wasn’t a lot of point hiring me if you don’t want to go do deals.”
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