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Caroline Dorsa to Succeed Stelios Papadopoulos as Chair of Biogen Board of Directors

CAMBRIDGE, Mass., March 08, 2023 (GLOBE NEWSWIRE) -- Biogen Inc. (NASDAQ: BIIB) today announced that the Board of Directors has elected Caroline Dorsa as Chair of the Board of Directors, effective immediately following the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”), scheduled to take place on June 14, 2023. Ms. Dorsa will succeed Stelios Papadopoulos, Ph.D., who announced he would not stand for reelection to the Board at the Annual Meeting.

Dr. Papadopoulos said: “The entire Board has great respect for Caroline and the tremendous contributions she has made during her 13-year tenure and as Chair of our Audit Committee, where she has exhibited exceptional judgement, integrity, and dedication.

It has been an honor to serve on the Board of such an important, purpose-driven company that has delivered numerous breakthrough medicines and therapies that have improved the lives of patients all around the world. I’m stepping down knowing that the Board will be in very good hands under Caroline’s outstanding leadership.”

Ms. Dorsa joined the Biogen Board in 2010. She served as Executive Vice President and Chief Financial Officer of Public Service Enterprise Group, Inc., a diversified energy company, from 2009 until her retirement in 2015, and served on its Board of Directors from 2003 to 2009. Prior to that, she held various financial and operational positions over her 21 years at Merck & Co, including Senior Vice President, Global Human Health, Strategy and Integration, and Vice President and Treasurer.

Ms. Dorsa said: “Stelios has overseen a period of tremendous growth and change. The Board and Biogen have benefited greatly from his experience, intelligence, and outstanding leadership.

It is a privilege to be part of such a talented and diverse Board. I look forward to working with the company leadership to build on Stelios’s legacy and to continue to deliver meaningful therapies for patients and value to our shareholders. This is a dynamic time for Biogen, and I believe the company is well positioned to deliver long-term sustainable growth.”

Biogen President and Chief Executive Officer Christopher A. Viehbacher said: “On behalf of everyone at Biogen, I want to express our deepest appreciation to Stelios for his tireless dedication and powerful vision to transform Biogen into a global biotechnology leader. Under his leadership, Biogen has pioneered transformative medicines including TECFIDERA in multiple sclerosis and SPINRAZA in spinal muscular atrophy, and advanced science that led to the co-development of ADUHELM and LEQEMBI in Alzheimer’s disease. Caroline has deep knowledge of our company and I look forward to continuing to work with her and the rest of the Board to help drive growth for shareholders and deliver innovation for the patients we serve.”

About Biogen

Founded in 1978, Biogen is a leading global biotechnology company that has pioneered multiple breakthrough innovations including a broad portfolio of medicines to treat multiple sclerosis, the first approved treatment for spinal muscular atrophy, and two co-developed treatments to address a defining pathology of Alzheimer’s disease. Biogen is advancing a pipeline of potential novel therapies across neurology, neuropsychiatry, specialized immunology and rare diseases and remains acutely focused on its purpose of serving humanity through science while advancing a healthier, more sustainable and equitable world.

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This press release contains forward-looking statements, relating to: our strategy and plans; potential of, and expectations for, our commercial business and pipeline programs; capital allocation and investment strategy; clinical development programs, clinical trials, and data readouts and presentations; regulatory discussions, submissions, filings, and approvals; the potential benefits, safety, and efficacy of our and our collaboration partners’ products and investigational therapies; the anticipated benefits and potential of investments, optimization of the cost structure, actions to improve risk profile and productivity of R&D pipeline, collaborations, and business development activities; our future financial and operating results; 2023 financial guidance. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “potential,” “possible,” “prospect,” “will,” “would,” and other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. 

These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including: our dependence on sales from our products; uncertainty of long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; failure to compete effectively due to significant product competition in the markets for our products; failure to successfully execute or realize the anticipated benefits of our strategic and growth initiatives; difficulties in obtaining and maintaining adequate coverage, pricing, and reimbursement for our products; our dependence on collaborators, joint venture partners, and other third parties for the development, regulatory approval, and commercialization of products and other aspects of our business, which are outside of our full control; the potential impact of the conflict in Ukraine; risks associated with current and potential future healthcare reforms; risks related to commercialization of biosimilars; failure to obtain, protect, and enforce our data, intellectual property, and other proprietary rights and the risks and uncertainties relating to intellectual property claims and challenges; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; risks relating to technology failures or breaches; problems with our manufacturing processes; risks relating to management and personnel changes, including attracting and retaining personnel; failure to comply with legal and regulatory requirements; the risks of doing business internationally, including currency exchange rate fluctuations; risks relating to investment in our manufacturing capacity; the direct and indirect impacts of the ongoing COVID-19 pandemic on our business; risks relating to the distribution and sale by third parties of counterfeit or unfit versions of our products; risks relating to the use of social media for our business; results of operations, and financial condition; fluctuations in our operating results; risks related to investment in properties; the market, interest, and credit risks associated with our investment portfolio; risks relating to share repurchase programs; risks relating to access to capital and credit markets; risks related to indebtedness; change in control provisions in certain of our collaboration agreements; fluctuations in our effective tax rate; environmental risks; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this press release. We do not undertake any obligation to publicly update any forward-looking statements.

Jack CoxMike Hencke
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