(Bloomberg) -- Pfizer Inc. named oncology research head Chris Boshoff as the drug company’s chief scientific officer while it works to fend off activist criticism that its pipeline is underwhelming.
Boshoff’s promotion is the first high-profile C-suite appointment since it became public in October that activist investor Starboard Value had amassed a $1 billion stake in the drugmaker. Boshoff’s replacing longtime R&D chief Mikael Dolsten, 66, whose departure was announced in July.
BMO Capital Markets analyst Evan Seigerman said Boshoff “seems like the safe choice.” The drugmaker’s selection of an oncology expert as its science chief underscores its focus on cancer as the most important growth area. Pfizer’s shares were little changed before the markets opened in New York.
Pfizer, maker of blockbusters like Prevnar and Ibrance, is racing to find a new big hit after a string of research setbacks. Its efforts to develop an obesity pill have yet to produce much at a time when that field is exploding. A gene therapy for Duchenne muscular dystrophy also failed in a big trial in June.
Upping the ante last month, Starboard CEO Jeff Smith publicly accused Pfizer of squandering its Covid successes by overpaying for deals and not coming up with exciting new drug prospects from its own research efforts. Smith has said that replacing Chief Executive Officer Albert Bourla “could make sense.” Pfizer’s stock has lost around half its value over the past three years.
Boshoff, 61, has been at Pfizer for more than 11 years. He’ll start overseeing research across the company at the beginning of January and will report directly to Bourla.
Boshoff has delivered 24 approved medicines during his time at the drugmaker, according to a Pfizer statement. Before working in the drug industry, he was founding director of the University College London Cancer Institute.
Roger Dansey, who joined Pfizer in the $43 billion acquisition of cancer-drug maker Seagen, will serve as interim chief oncology officer and will help Boshoff search for a new head of cancer research, after which he’ll retire.
A representative for Starboard wasn’t immediately available to comment.
--With assistance from Ike Swetlitz.
(Updates with additional background starting in fifth paragraph)
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