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Jean-Paul Clozel Steps Down as Idorsia CEO

Jean-Paul Clozel Steps Down as Idorsia CEO

Di, Mai 21st 2024

ean-Paul Clozel hands over Idorsia’s CEO role to André Muller amid financial challenges, aiming for a turnaround.

Keystone/GEORGIOS KEFALAS

Jean-Paul Clozel, the founder and former CEO of Idorsia, has stepped down, handing the chief executive position to CFO André Muller. Muller will now lead the Basel-based biotech company out of its current crisis.

Idorsia has faced significant challenges recently, implementing a tough cost-cutting program that saw 475 jobs cut last year. Muller will officially take over as CEO on June 13, succeeding the 69-year-old Clozel, who holds nearly 26% of the company and is running for Chairman of the Board of Directors.

The Clozels, who previously founded Actelion, aim to replicate their earlier success. Actelion, founded in 1997, grew into Europe’s largest biotech group, culminating in a $30 billion acquisition by Johnson & Johnson in 2017.

However, Idorsia is currently struggling, with disappointing performance from its sleeping pill Quviviq despite substantial marketing efforts. The company faces financial difficulties and continues to burn through cash despite recent cost-cutting measures.

André Muller expressed optimism, stating that Idorsia plans to raise additional funds in 2024, which is crucial for the company’s survival and future growth.

©Keystone/SDA

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