On Monday, shares of Acadia Pharmaceuticals Inc. (NASDAQ:ACAD) fell 2.5% following the announcement that Catherine Owen Adams has taken over from Steve Davis as Chief Executive Officer (CEO) and has also joined the company's Board of Directors.
The transition marks a significant leadership change for the biopharmaceutical firm, which is nearing $1 billion in sales and has a robust pipeline of medicines in development.
Stephen Biggar, Chair of the Board of Directors, expressed confidence in Adams' ability to lead Acadia into a new growth phase, highlighting her record of driving growth and innovation within the pharmaceutical industry.
Biggar commended Adams for her strategic vision and expertise, particularly in relation to improving patient outcomes. He also extended gratitude to the outgoing CEO, Steve Davis, for his exceptional leadership and contributions to the company, including the approval and commercialization of NUPLAZID and the development and launch of DAYBUE.
Adams, who expressed her enthusiasm about joining Acadia, brings a wealth of experience to her new role. Her previous position as Senior Vice President and General Manager, U.S., at Bristol Myers (NYSE:BMY) Squibb (BMS), saw her leading a $20 billion commercial business and overseeing significant product launches.
Before her role at BMS, Adams had a 25-year tenure at Johnson & Johnson (NYSE:JNJ), where she held various leadership positions and began her career in R&D and manufacturing at AstraZeneca (NASDAQ:AZN).
The new CEO's appointment has been met with positive remarks from her predecessor, Steve Davis, who praised Adams' commercial and global expertise as perfectly aligned with Acadia's mission. Davis expressed his excitement for the company's future and its commitment to patient groups that have previously lacked approved drugs.
Adams' extensive background includes leading commercial operations across major markets at BMS, where she was responsible for 6,000 employees and the successful launch of nine new products in various therapeutic areas.
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