Biogen is looking for a new CEO less than a year after its launch of its Alzheimer’s drug Aduhelm largely fizzled.
The company said Tuesday that current CEO Michel Vounatsos will continue to lead the company until his successor is appointed.
Aduhelm hit the market as the first new Alzheimer’s medication in nearly two decades.
But although the company slashed the price in half, Aduhelm’s rollout has been disastrous.
Last month Medicare became the latest insurer to restrict coverage.
Biogen said Tuesday it would essentially shutdown marketing of the drug to focus on more promising treatments.