September 4, 2018 / 10:13 PM / 3 months ago

Agios names former Celgene executive Jacqualyn Fouse as next CEO

Sept 4 (Reuters) - Agios Pharmaceuticals Inc on Tuesday said former Celgene Corp executive Jacqualyn Fouse would be its next chief executive officer, replacing longtime CEO David Schenkein.

Fouse, who rose through the ranks at Celgene to become president and chief operating officer before leaving the biotech company last year, is already a member of the Agios board. She will assume her new role on Feb. 1, 2019, the company said.

Schenkein, who took over as Agios CEO in 2009, will transition to the role of executive chairman and serve on the board’s Science & Technology Committee, the biotech said.

Schenkein led Cambridge, Massachusetts-based Agios from a research company to a $4.68 billion drugmaker with two approved cancer medicines.

Fouse is highly regarded by Wall Street and her name has been bandied about with each high profile executive opening in the biotech industry since her June 2017 “retirement” from Celgene. She also previously served as chief financial officer of food company Bunge Limited.

She said she intends to focus on existing drug candidates in development, as well as strategies for expansion in markets outside the United States, Fouse told Reuters in an interview.

Fouse, who led various divisions at Celgene before becoming president and COO, joined the Agios board last December. Agios has an oncology development deal with Celgene.

Agios in July received U.S. approval for Tibsovo to treat acute myeloid leukemia in patients with a specific genetic mutation. It is the company’s first wholly owned drug. Its first approved leukemia treatment, Idhifa, was partnered with Celgene.

Agios shares have risen 39 percent since the start of the year. (Reporting by Manas Mishra, Tamara Mathias and Aakash B in Bengaluru; editing by Bill Berkrot)

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