Biogen said Tuesday it has hired a head of corporate development to help advance the company’s strategy and pursue “external collaborations and other growth opportunities.”
Adam Keeney, who was most recently chief executive of the biotechnology company NodThera, will take on the new role starting April 17. Before NodThera, Keeney held business development positions at Sanofi’s Genzyme unit and Johnson & Johnson.
Keeney’s appointment could be seen as timely, given that dealmaking has come into focus at Biogen since its recent hiring of Chris Viehbacher as CEO. Viehbacher, too, is a Sanofi veteran. He led the French pharmaceutical giant from 2008 and 2014, during which time he oversaw key deals like its $20 billion acquisition of Genzyme and the expansion of a lucrative partnership with Regeneron Pharmaceuticals.
Historically, Biogen’s business development strategy has favored smaller research collaborations over large buyouts. Across the last two decades, the company’s largest acquisition has been the $800 million purchase of gene therapy developer Nightstar Therapeutics.
But that attitude could change with Viehbacher at the wheel.
Early this year, at a prominent conference for the biopharmaceutical industry, the executive told investors he didn’t feel pressure to quickly get a deal done. “I wouldn't shy away from an acquisition, but obviously, that gets you into a different risk profile.”
Yet, to some, Viehbacher appears more open to dealmaking than his predecessor, Michel Vounatsos, who ran Biogen from 2017 to 2022.
“Biogen hasn’t necessarily looked at acquisitions as part of its growth strategy,” Viehbacher said in February, during the company’s most recent earnings call. But, “I tell people, ‘Well, there wasn’t a lot of point hiring me if you don’t want to go do deals.’”
Now, Biogen’s executive suite has another member keen on doing deals.
At Sanofi, Keeney served as global head of business development in the Genzyme unit. According to Biogen, Keeney was responsible for “several significant transactions,” and his work involved both early- and late-stage assets targeting various therapeutic areas.
“Adam brings considerable experience in biopharmaceutical strategy and business development with a solid track record of value-creating deals throughout his career,” said Viehbacher, who also noted the head of corporate development is an “important role” that comes at a “pivotal time for Biogen.”