A REACTION TO GILBERT
Author:
Date: Sunday, December 23, 1984
Page: A34
Section: BUSINESS
"By and large scientists, as brillant as they can be, can't really run a
business. So you have to expect this," said Kathyrn Whelan, an analyst with
Fred Algar, a New York brokerage house.
She was asked for her reaction last week to the unexpected resignation of
Dr. Walter Gilbert, the Nobel Prize-winning Harvard biochemist, as chairman
and chief executive officer of Biogen Inc.
"Scientists are pretty accurate about how long it would take to get products
out, but in terms of spending," said Whelan, "that's another matter.
"I wouldn't be surprised to see some mergers of smaller biotech companies
to save some cash," she said, "or some of them being approached by chemical
producers who want some of their business."
Gilbert helped found the Swiss-based Biogen in 1978. The company is one of
the nation's leading genetic engineering firms in the area of pharmaceuticals,
and is close to marketing alpha interferon, which is being tested as an
antiviral and anticancer drug.
Biogen president Mark Skaletsky will become acting CEO, while the post of
chairman will remain vacant for now.
Gilbert's resignation follows the recent layoff of 15 percent of the
workforce at Biogen. Some biotechnology companies are experiencing layoffs or
reorganization.
"But I don't think it means a real shakeup in the industry," said analyst
Whelan.
MILLST;12/21,14:21 BEVERI;12/23,20:48 GILBERT23
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