David Schenkein, who has been the chief executive officer of the pharmaceutical company Agios for quite long, as much as a decade, has decided to step aside in the coming year, after completely transforming the startup which used to be a high risk company, to something which has now become a public biotech and has as many as 500 employees along with a couple of drugs on the market. The man has achieved quite a lot for the company, in his tenure of nearly 10 years, and is planning to do more in the time that is left before he signs off.
The replacement of the man has been found by the company in Jacqualyn Fouse, who has been the president and CEO at Celgene, and also a current board-member at the company Agios. After stepping up from the position of CEO, Schenkein will be taking the post of the executive chairman in the company and this handover is expected to take place in the month of February, as per the announcement of the company which was done recently. The 61-year-old man said that this role of CEO of the company is a 24/7, 365 days in a year role, and therefore he wants to think about a different balance at this stage.
This announcement of the man hanging his boots came soon after the company Agios has decided to launch a medicine in the market which is completely owned by the company which is the acute myeloid leukemia drug known as ivosidenib (Tibsovo). The company has moved fast after it went public, but with all the progress that is made by the company, it seems that the company is yet to turn a profit. The launch of this drug ivosidenib is said to be very critical for the success of the company as it plans to develop more drugs to manage cancer, among other diseases.