Celgene has recently suffered from a series of major setbacks affecting its finances, including the FDA’s refusal to accept its application for a leading late-stage drug.
The management shuffle will leave Celgene CEO and Chairman Mark Alles in charge of the company’s clinical development stages, regulatory focuses and oncology franchise.
Mr. Smith’s exit follows Celgene Executive Chairman Bob Hugin’s departure in February.
“The company is reorganizing its executive team in the meantime, and we could hear several hires [or] promotions over the coming months,” Michael Yee, managing director of Jefferies, an investment banking firm, told Endpoints News.
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