BioMarin Announces Retirement of Jean-Jacques Bienaimé; Appoints Alexander Hardy President and Chief Executive Officer

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Nov 01, 2023, 16:02 ET

Mr. Hardy Brings More than 30 Years of Industry Experience, Most Recently as CEO of Genentech

Mr. Bienaimé Served as CEO for 18 Years and as Chairman since 2015, Steering BioMarin to Profitability with Major Expansion of Commercial Portfolio

Richard A. Meier, Current Lead Independent Director, to Become Chair of Board of Directors

Transition Effective December 1, 2023

SAN RAFAEL, Calif., Nov. 1, 2023 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN), a global biotechnology company dedicated to transforming lives through genetic discovery, announced today that Alexander Hardy has been named president and chief executive officer, succeeding Jean-Jacques Bienaimé, who will retire as chairman and CEO effective December 1, 2023. Mr. Hardy, currently the CEO of Genentech, will also serve as a director on BioMarin's board of directors. Richard A. Meier, BioMarin's lead independent director, will assume the role of chair of the board of directors.

Mr. Hardy, 55, brings more than 30 years of experience in the global healthcare and biotechnology industries, most recently serving as CEO of Genentech, a member of the Roche Group. He has served as CEO since 2019 and during his tenure demonstrated the ability to deliver growth during a particularly challenging period in which the company lost exclusivity of three of its biggest products. In this most recent role at Genentech, the organization has launched more than 10 new medicines and achieved leading positions across oncology, neuroscience, hemophilia and ophthalmology. Prior to that, Mr. Hardy held a number of senior roles at Roche and Genentech, including as leader of Global Product Strategy, co-chairing the Late Stage Portfolio Committee responsible for the development strategy for all products in late-stage development, and interfaced with the research and partnering organizations on internal and external molecule candidates. He also served as head of Asia Pacific for Roche. Prior to Genentech and Roche, he held leadership roles at Novartis, PathoGenesis and GSK.

"The Board engaged in a multi-year succession planning process and a comprehensive search, seeking a leader who could build on the company's success. We focused on candidates with experience driving commercial growth and operational excellence, as well as a strong understanding of science and product development. Based on these criteria, the Board identified Alexander as the right leader to bring BioMarin into the future, advancing care for patients with serious genetic conditions and driving industry-leading growth," said Mr. Meier. "On behalf of the Board, I would like to acknowledge JJ's exceptional leadership over the past 18 years in growing BioMarin into a leading, diversified genetic disease company. He has overseen the development and commercialization of seven medicines and through this led the transformation of the company into a profitable, fully integrated global business. Thanks to JJ, BioMarin is ideally positioned for its next chapter with Alexander at the helm."

Mr. Bienaimé, 70, joined BioMarin in May 2005, when the company had a single marketed product and approximately $26 million in annual revenues. Under Mr. Bienaimé's leadership, BioMarin has grown significantly and is expected to reach annual revenues of well over $2 billion in 2023, driven by the company's globally leading enzyme replacement therapy business, and the recent introductions of VOXZOGO^® for achondroplasia and ROCTAVIAN^®, the world's first gene therapy for hemophilia A. During his tenure Mr. Bienaimé led a major expansion of BioMarin's workforce, from about 300 employees only in the United States when he joined the company to more than 3,000 people in almost 80 countries around the world today.

"It has been a privilege leading BioMarin's exceptionally talented team over the past 18 years, as we've worked together to deliver medicines that have transformed care for people with genetic diseases, building BioMarin into the successful company it is today," said Mr. Bienaimé. "Alexander brings an impressive track record of successfully commercializing new products for patients and prioritizing operational efficiency. I look forward to working with Alexander as he takes on this new role."

Mr. Bienaimé will remain a member of BioMarin's board of directors until the company's 2024 Annual Meeting of Stockholders, and he will serve as an advisor to the company through the end of 2024.

"I deeply admire the strong foundation and purpose-driven culture that JJ and the BioMarin team have built and am honored to lead BioMarin at such a pivotal time in the company's history," said Mr. Hardy. "I am excited by the tremendous potential of BioMarin's portfolio and the opportunity that lies ahead in unlocking the full value of VOXZOGO and ROCTAVIAN and behind them the earlier stage pipeline. I look forward to working alongside the team to reach more patients with our existing medicines and product candidates, while at the same time ensuring we deliver on our ambitious goals for all our stakeholders."

About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's unparalleled research and development capabilities have resulted in eight transformational commercial therapies for patients with rare genetic disorders. The company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.

Forward-Looking Statements
This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: expected leadership changes at BioMarin, including the retirement of Mr. Bienaimé and his continuing as director and advisor, Mr. Hardy's appointment as president and CEO and director, and Mr. Meier assuming the role of chair; the expectations of total revenues for the full-year 2023; BioMarin being ideally positioned for its next chapter with Mr. Hardy as president and CEO; and potential growth opportunities and trends, including that BioMarin expects growth in revenues driven by BioMarin's enzyme replacement therapy business and recent introductions of VOXZOGO and ROCTAVIAN. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in implementing leadership changes, BioMarin's success in the commercialization of its commercial products, impacts of macroeconomic and other external factors on BioMarin's operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the FDA, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

BioMarin^® and VOXZOGO^® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ROCTAVIAN^® is a trademark of BioMarin Pharmaceutical Inc., with registration in Europe and pending in the U.S. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.