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Incyte (INCY) reported revenues of $384.1 million in its 1Q17 results, which translates to 45.7% revenue growth in 1Q17 as compared to $263.5 million in 1Q16.
Clancy, who has served as CFO for nearly a decade, recently slashed his holdings by 65% by selling more than $5.75 million in shares of the biotech, which is probably best known for multiple sclerosis treatments such as Tysabri. The sales, made on March 13 and April 25, are somewhat distressing to investors as they mark Clancy’s first since September 2013, and they also come at a trying time for Biogen. Why didn’t Biogen simply sell the operation for needed cash?
The former CEO of Ariad Pharmaceuticals Inc., who spent the last year shaping up the Cambridge-based drug company for its $5.2 acquisition earlier this year, was just named to the board of a new biotech last week. There, as the newest board member of New Jersey-based The Medicines Company, Paris Panayiotopoulos joins a familiar face: Alex Denner, former chairman of Ariad (ARIA). The founder of hedge fund Sarissa Capital, an activist investor believed to have played a big role in orchestrating the sale of that company, was named to that same 11-member board just over a year ago.