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Incyte, Courting New Role as Drug Developer, Names New CEO, President, and CSO

SAN FRANCISCO, Nov. 26 - Incyte Genomics said on Monday that co-founder Roy Whitfield has been replaced as CEO by Paul Friedman, formerly the president of DuPont Pharmaceuticals Research Laboratories, in a move that underscores Incyte's intent to move swiftly from a genomics database provider to a profitable drug developer.

 

Incyte also has named president and chief scientific officer Robert Stein, a former executive vice president of research and preclinical development at DuPont Pharmaceuticals.

 

"Dr. Friedman and Dr. Stein are proven leaders who together created an impressive therapeutic pipeline at DuPont while building substantial value for DuPont's shareholders," said Whitfield, who will become Incyte's chairman. "Incyte's intellectual property portfolio provides them significant pharmaceutical opportunities to apply their leadership skills to expand the database and intellectual property licensing business and develop new medical therapeutics."

 

The management change follows on the heels of a broad corporate restructuring at Incyte, of Palo Alto, Calif., which includes shuttering the firm's custom genomics program and laying off roughly 400 employees. 

 

Incyte also announced that Friedman, Stein, and Julian Baker, a managing partner of Baker/Tisch Investments, have been elected to the copany's board of directors.

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