Jean-Jacques Bienaimé, who over the process just about 20 years grew BioMarin Pharmaceutical’s portfolio from a unmarried commercialized asset to more than one advertised merchandise—together with a landmark approval in gene treatment—is retiring. He’ll be succeeded through Alexander Hardy, CEO of Roche subsidiary Genentech.

The transition will occur Dec. 1, despite the fact that Bienaimé will keep at the BioMarin board of administrators till the corporate’s 2024 annual assembly of stockholders. He’ll additionally function an consultant to the San Rafael, California-based corporate in the course of the finish of subsequent 12 months.

Within the announcement, BioMarin’s lead impartial director, Richard Meier, stated the hiring of Hardy is the fruits of a multi-year succession making plans procedure and candidate seek. Hardy has greater than 30 years of healthcare and biotech business enjoy. Ahead of changing into Genentech’s CEO in 2019, Hardy held a number of senior roles at Roche and Genentech. His enjoy additionally contains posts at Novartis, PathoGenesis, and GSK.

BioMarin develops medicine for infrequent illnesses. When Bienaimé joined BioMarin in 2005, the corporate’s best authorized product used to be the enzyme alternative treatment Naglazyme, which treats mucopolysaccharidosis VI. The treatment generated about $26 million in earnings. With a portfolio that now spans 8 commercialized merchandise, BioMarin tasks its 2023 earnings will best $2 billion.

“It’s been a privilege main BioMarin’s exceptionally gifted group during the last 18 years, as we’ve labored in combination to ship medications that experience reworked maintain other people with genetic illnesses, construction BioMarin into the a hit corporate it’s lately,” Bienaimé stated in a ready observation. “Alexander brings an excellent monitor report of effectively commercializing new merchandise for sufferers and prioritizing operational potency.”

Hardy is becoming a member of BioMarin as center of attention turns to the corporate’s latest product, the hemophilia A gene treatment Roctavian. The treatment received its long-awaited FDA approval in June and BioMarin is these days within the early levels of the product’s release. No sufferers have won the one-time remedy within the U.S. but, despite the fact that the corporate notes {that a} 2nd affected person has won the treatment in Germany, the place the corporate has a tentative settlement on worth. Eu regulators authorized Roctavian in 2022, and the corporate stated it expects to additionally finalize pricing in Italy through the tip of this 12 months.

Roctavian carries a wholesale worth of $2.9 million within the U.S. BioMarin had in the past estimated the product may reach $50 million to $150 million in gross sales this 12 months. However in its record of 3rd quarter 2023 monetary effects launched Wednesday, BioMarin stated delays securing pricing and compensation for Roctavian have led the corporate to decrease that earnings steerage to not up to $10 million.

In a notice despatched to traders Thursday, William Blair analyst Tim Lugo stated the sluggish get started for Roctavian, however added that his company expects gross sales will ramp up in 2024. Lugo stated Bienaimé is leaving BioMarin in a excellent place. Past the corporate’s commercialized merchandise, it additionally has a deep rare-disease drug pipeline of 7 disclosed methods.

“We suppose there is also some pipeline prioritization as new control makes its imprint felt at the group,” Lugo stated. “Whilst the retirement of Chairman and CEO J.J. Bienaimé represents a significant alternate for the corporate, we expect it used to be now not wholly sudden, and imagine the corporate has known an excellent alternative in Alexander Hardy, CEO of Genentech, who’s greater than in a position to proceeding to power BioMarin’s expansion.”

Picture: Getty Pictures