Lollini is probably the perfect guy for the job. He wasn't a part of Flurizan (2008) or Javelin (2008) debacle, had been running a public company before with very LITTLE MONEY, and have been a part of many deal negotiations in the last 2 years. Keeping Hobden around for another 3 months is probably just a face saving gesture! As for Wayne Laslie, I think he can start collecting his SS checks now!
Javelin was hardly a debacle for Myrexis. For that matter, Flurizan was somebody else's (Myriad Genetics) debacle. You can argue that for a larger company with a profit stream, Flurizan was just an ordinary failure.
Flurizan debacle cost not only Lunbeck $100M, but also MYGN $90M to get rid of its pharma unit. Well, the deal (2008) could only save Hobden's job ... just temporarily, 3 years as we know it.
As for Javelin deal, it would've have been a catastrophe if it went through. It was an ill-conceived acquisition and a reckless behavior to anyone with a little common sense. Even worse, the deal gave NIL to the internal pipeline after more than 10 years of R&D. It was an insult not only to shareholders but the dedicated employees of the company. Anyone who were involved must be fired. I just noticed that Laslie name is removed from the latest PR, maybe he is retired.
The timing of the coup is about right, good job FE! The pipeline is getting very strong, the balance sheet is still very strong, and the company is in good hands. Lollini knows how to run a real business which is very very rare in corporate America considering GE, GM, and the many bailouts of the last few years.
Why are you still apologizing for Hobden's attrocious managing? Javelin WAS A COMPLETE DEBACLE! What was MYRX stock price before the debacle, and what was it after? About 30% lower! It wasted many months of managements time when something else should have been done. The only good part for me is that it caused me to buy some JAV stock and I made a nice little short term profit.