(Reuters) – Neurocrine Biosciences CEO Kevin Gorman will retire on Oct. 11 after three decades with the company that he founded and will be succeeded by insider Kyle Gano.
Gorman founded Neurocrine in 1992 and held several leadership positions before being appointed CEO in 2008. Gorman will continue to serve on the company’s board.
Under Gorman’s leadership, the company launched its first commercial product, Ingrezza. The drug was first approved in 2017 in its oral capsule formulation to treat adults with a movement disorder called tardive dyskinesia.
Gano, who joined the company more than 23 years back, is currently chief business development and strategy officer.
He also played key leadership roles in the development of three of the company’s FDA-approved medicines, Neurocrine said.
The U.S. Food and Drug Administration in April approved the granule formulation of Ingrezza to treat movement disorders associated with Huntington’s disease.
Ingrezza recorded global sales of $1.84 billion in 2023 and the company expects the drug to generate overall sales in the range of $2.1 billion to $2.2 billion this year.
Shares of the company were down 1.2% at $138.80 after the bell.
(Reporting by Sneha S K in Bengaluru; Editing by Arun Koyyur and Maju Samuel)
