Matthew W. Emmens, Executive Chairman,Vertex Pharmaceuticals
Matthew W. Emmens, Executive Chairman,Vertex Pharmaceuticals
From Proclamation to Profitability: The Vertex Story
From Proclamation to Profitability: The Vertex Story
The Science-Based Business Initiative sponsors a lunch time seminar on Fridays that brings academic and industry scientists to campus to describe some of the breakthrough ideas that impact current and future businesses. The 2008-2009 seminars are joint with Economics 2888hf: Economics of Science and Engineering Workshop, Harvard University. The seminars provide an intimate group of faculty and doctoral students to gather in a seminar environment, Baker Library 102, from Noon to 1:30 PM for a presentation and Q/A session.
Please RSVP no later than 72 hours prior to the seminar as lunch will be provided for guests who RSVP. To RSVP or for questions on a seminar or to join a mailing list, please contact sbbi@hbs.edu.
Abstract: The Vertex story is an amazing one. Today this biotech company has a market cap of around $10 billion, employs almost 2000 people and has recently introduced a breakthrough medicine that could be the fastest to reach blockbuster status in the history of the industry. In addition there are 10 other clinical programs underway and a breakthrough therapy for cystic fibrosis will be submitted to the FDA and European agencies in October 2011 with approval expected in early 2012.
Twenty two years ago Josh Boger proclaimed that the old ways of creating drug therapies was dead and that a new way - rational drug design - would change the world. He was right. He knew how to design drugs but needed to learn how to raise money and create a company that could realize his dream. In this talk I will provide an overview of the 22 year history of Vertex and attempt to provide some insight into the key decisions and challenges that brought the company to this point in its history. Out of hundreds that have tried, you can count on one hand the number of drug companies that have made to this level of success. How did this happen? There are many lessons learned.
Bio:Matthew Emmens has over 37 years of successful pharmaceutical experience. He joined the Vertex Board in 2004 and became Chairman, President and CEO in May, 2009. He is also currently Chairman of the Board of Shire Pharmaceuticals. Prior to his current role at Vertex he served as the CEO of Shire and before that, the CEO of Astra Merck. His early career was spent at Merck & Co., Inc. where he started as a sales representative.