Macro Tsimmis

intelligently hedged investment

Vertex (VRTX) update #22

Posted by intelledgement on Thu, 05 Feb 09

The founder of our biotech speculative play Vertex Pharmaceuticals, Joshua Boger, is stepping down as president, and plans to retire from day-to-day management in three months, the company announced today.

“I founded Vertex in 1989 with a vision to pursue a new approach in drug discovery and develop medicines that would fundamentally change the treatment of serious diseases. I am very proud of what Vertex has accomplished, and we now stand on the cusp of great clinical and medical success,” Boger stated.

Vertex’s board elevated one of their own, Matthew Emmens, a director since 2004, to replace Boger. Emmens was appointed president, and will take over from Boger as CEO and board chairman in May. Emmens previously served as CEO of Astra Merck, Inc., and of Shire plc where he continues as chairman of the board.

“It is a great privilege to be asked to lead Vertex at this important time in the company’s evolution,” stated Emmens. “I look forward to working with Joshua to enable a smooth transition as the Company prepares for its next stage of growth, and the commercial launch of important medicines for serious diseases. We have a rare opportunity to create a world class commercial enterprise that complements Vertex’s excellence in R&D innovation. In the area of hepatitis C, and also in cystic fibrosis, Vertex has the potential to transform patients’ lives and build tremendous value, and together with the employees my goal is to make this vision a reality.”

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