By Saabira Chaudhuri
Biopharmaceutical company Insmed Inc. (INSM) has named Will
Lewis as its president and chief executive officer, replacing Tim
Whitten, effective immediately.
It also said that Donald J. Hayden Jr., who was appointed
executive chairman in May 2012, will return to his role as chairman
of Insmed, effective immediately.
Mr. Lewis has also been appointed to the company's board of
directors. Mr. Whitten will resign from the board.
Mr. Lewis is the former co-founder, president and chief
financial officer of Aegerion Pharmaceuticals Inc. (AEGR). Prior to
Aegerion, Mr. Lewis spent more than 10 years working in the U.S.
and Europe in investment banking for J.P. Morgan Chase & Co.
(JPM), Robertson Stephens and Wells Fargo & Co. (WFC)
"Will has worked closely with the Insmed Board and management
team as an advisor to the company during the past several months,
and I am confident he will successfully lead Insmed in its efforts
to fully realize the potential our lead compound, Arikace, holds
for patients suffering from serious orphan diseases of the lung,"
said Mr. Hayden.
Insmed focuses on developing inhalation therapeutics for
patients suffering from serious orphan lung diseases.
In May, the company agreed to revise the cystic fibrosis trial
population for Arikace--its inhalable antibiotic--and the U.S. Food
and Drug Administration has lifted its clinical hold on the
potential treatment for CF patients with pseudomonas lung
infections.
Insmed shares closed at $3.40 Monday and were inactive
premarket. The stock has fallen 18% over the past 12 months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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