Change at the top for Biogen after Alzheimer's drug flops

Biogen is looking for a new CEO less than a year after its launch of its Alzheimer’s drug Aduhelm largely fizzled

Biogen will replace its CEO and largely abandon marketing of its controversial Alzheimer's drug Aduhelm less than a year after the medication's launch triggered a backlash from experts, doctors and insurers.

CEO Michel Vounatsos will continue to lead the Biogen until a successor is found, the company said Tuesday. Vounatsos has been CEO since 2016 and was the chief architect of the company's strategy built around Aduhelm.

For now, Biogen announced it is “substantially eliminating” spending on Aduhelm as part of a $1 billion dollar cost-saving plan designed to refocus the company's flagging pharmaceutical business.

The announcement represents a stark acknowledgement that the Cambridge, Massachusetts, company has failed to find a place for a drug that was expected to drive its business for years to come.