Monday, March 5, 2001
Genset S.A., which has been trying to execute the tricky move from the service space to the product space, last week found itself forced to stanch rumors that its fortunes were in peril in the wake of the abrupt departure of its vice president of physiological genomics.
Indeed, Bernard Bihain's departure last week to join ValiGen N.V. (Paris, France) as chief scientific officer drew a sharp public rebuke from Genset (NM:Genset; GENXY, Paris, France) in the wake of French newspaper reports about the scientist's exit.
Bihain was touted as the architect of Famoxin, an obesity treatment that is Genset's flagship effort to become a product company. News of the resignation drove down Genset's shares in Paris on Wednesday, with the stock shedding E11.7 (37 percent) to E20. The stock finished down E10.5 (35 percent) to E19.3 on the week. In NASDAQ trading, GENXY lost $3.563 to $6 on the week after tumbling $3.188 (34 percent) to $6.125 on 1.1 million shares on Wednesday.