CAMBRIDGE, Mass. (Reuters) - Biogen Inc. (Nasdaq:BGEN - news), a leading biotechnology company, said Wednesday it elected Chairman James Vincent to the additional posts of president and chief executive to replace James Tobin, who resigned from those positions for personal reasons.
The company's stock fell sharply after the announcement. It was down $14.94 at $72 by midafternoon in trading on the Nasdaq.
Tobin resigned from the posts with immediate effect at a board meeting Tuesday, the company said in a statement.
Vincent previously served as president from 1985 to 1994 and as chief executive from 1985 to 1997.
During his earlier term Vincent led the development of the company's multiple sclerosis drug AVONEX, which has been its principal source of revenue growth and profit since 1996.
In October, Biogen posted third-quarter net income of $37.6 million,
up 83 percent from the year-ago period. On a per share basis, the company
posted earnings of 49 cents per share.