Cerevel names Ron Renaud as next CEO
03 May 2023
Executive ChangePhase 2Phase 3Clinical ResultIPO
Cerevel Therapeutics said Wednesday that former Bain Capital partner Ron Renaud has been appointed to succeed Tony Coles as the company's next chief executive, starting June 12. Renaud will also take up the post as company president, while Coles will continue in his role as chairperson of the board of directors.
According to Cerevel, Renaud brings more than 25 years of experience in the biotechnology industry, including "deep expertise" in executive leadership, finance and operations. The company noted that Renaud's expertise includes stints as CEO at Translate Bio, which he "led from an early-stage start-up to a public company with a leading mRNA technology platform," as well as at Idenix Pharmaceuticals, where he "established a promising portfolio of potential treatments for hepatitis C."
In the four years since CerevelCerevel spun out from Pfizer with a focus on neuroscience, "we have delivered positive data readouts that support [our] scientific thesis, built a world-class team, debuted as a public company, and raised more than $1.5 billion in capital," Coles stated. "With strong business fundamentals in place and a robust pipeline of important programmes advancing in the clinic, now is the right time for me to transition back to the role of chairperson," he added. Coles had led CerevelCerevel since 2019.
Earlier this year, the company disclosed a delay in clinical readouts for multiple neuroscience drug candidates, including darigabat, which is in Phase II for focal epilepsy, as well as for the late-stage candidate tavapadon in Parkinson's disease. On Wednesday, Cerevel said the readout for darigabat is now expected in mid-year 2024. As for tavapadon, the company reiterated that data from the Phase III TEMPO-3 trial are due in the first half of 2024, while readouts from two other late-stage studies – TEMPO-1 and TEMPO-2 – are expected in the second half of next year.
"I am thrilled to join Cerevel and lead this incredible organisation into an exciting future, starting with the seven expected data readouts coming in 2024," said Renaud, adding that the company "has an impressive track record of success, and I look forward to all that is to come."
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