Sarepta Appoints Former AbbVie Executive Michael Severino as CEO in Bid for Turnaround
Sarepta Therapeutics has appointed Michael Severino, a seasoned biopharma executive with experience at AbbVie and Amgen, as its new CEO. The move comes after the company's long-time leader, Doug Ingram, announced his retirement earlier this year. Severino brings over two decades of industry expertise, including roles in drug development and leadership positions at major pharmaceutical firms. Sarepta is currently navigating a challenging period marked by setbacks with key products like Elevidys for Duchenne muscular dystrophy. The company faced regulatory issues after the treatment was linked to patient deaths, leading to temporary market removal and reduced sales projections. Additionally, Sarepta has cut staff and paused much of its gene therapy work while relying on RNA-based therapies developed in partnership with Arrowhead Pharmaceuticals. Investors remain skeptical about whether these new initiatives can differentiate from competitors or restore the company's former financial strength. Shares have fallen significantly over the past two years.
Topics: Biopharma Industry Leadership Change