Biogen Idec's new CEO, George Scangos, has a vision to bring new energy and "vitality" to the company and change its culture, says Reuters' Toni Clarke. The former Exelixis CEO wants Biogen to be more flexible — since taking over the company, he has cut costs, focused on priorities in the pipeline, and reorganized the management structure, Clarke says. He aims to reward what he calls "thoughtful risk-taking," and wants the company to be less conservative, less like big pharma, and more like a biotech. "At work, he has embarked on a series of 'town hall' meetings throughout the company and monthly breakfasts with small groups of employees to solicit opinions and discuss things he would like to see changed," Clarke says. "Part of his goal is to alter the compensation system." And Scangos' vision seems to have been well-received by Biogen's investors, as the company's stock price has gone up about 101 percent since Scangos took over, Clarke adds.
May 12, 2011