Of all the first generation big cap biotechs, Biogen Idec Inc. has always been
known as the stodgy one. Ironically, it has taken the intervention of activist
investors - generally thought of as green eyeshade wearers with a singular
focus on the short-term bottom line - to finally bring in a quintessential
biotech CEO with the kind of R&D background that is still at the heart of
what biotech is all about.
At the end of June, the company announced it was hiring George
Scangos as CEO. Scangos, who had been president and CEO of Exelixis Inc. since 1996, is a
microbiologist by training. He was previously president of Bayer Biotechnology.