Randy Teel has been appointed as President, CEO, as well as a member of the Company’s Board of Directors, effective immediately.
- Arvinas’ newly elected Chair of the Board of Director said that the company chose Randy as CEO “after a comprehensive search.”
- Arvinas is pioneering the development of protein degradation therapies with the help of its PROTAC protein degrader platform.
Shares of Arvinas, Inc. (ARVN) slumped 11% on Thursday after the company announced that it has appointed Randy Teel as CEO, succeeding John Houston.
Teel has been appointed as President, CEO, as well as a member of the company’s Board of Directors, effective immediately, the clinical-stage biotechnology company said.
Teel was previously the firm’s Chief Business Officer and played a key role in the company’s 2018 initial public offering and subsequent transition to a public company. He also served in other key roles including as Arvinas’ interim Chief Financial Officer and Treasurer.
Arvinas’ newly elected Chair of the Board of Director said that the company chose Randy as CEO “after a comprehensive search.” Before Arvinas, Teel worked with Alexion Pharmaceuticals and as an Associate Partner at McKinsey & Company.
“Following our first-ever successful pivotal trial of a PROTAC degrader, we’re directing our attention to our earlier stage clinical programs and their potential to transform treatment paradigms for patients with serious diseases,” Teel said.
Houston, meanwhile, is retiring as President, Chief Executive Officer, and Chair of Arvinas’ Board of Directors. He will continue as a member on the Board and will provide consulting advisory services to the Connecticut-based company, Arvinas said.
What Does Arvinas Do?
Arvinas is pioneering the development of protein degradation therapies with the help of its PROTAC protein degrader platform. These therapies are designed to harness the body’s natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins.
Arvinas is currently progressing multiple investigational drugs for neurodegenerative disorders, for relapsed/refractory non-Hodgkin Lymphoma, mutated cancers including pancreatic and colorectal cancers, and certain breast cancers.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around ARVN stock rose from ‘neutral’ to ‘bullish’ territory over the past 24 hours, while message volume remained at ‘high’ levels.
A Stocktwits user termed the stock drop an overreaction. “This is a planned passing of the torch, not a ‘jump ship’ scenario,” they wrote, while also highlighting the new CEO’s expertise in strategy.
Another user termed the stock a “goldmine” and dismissed the selloff as a result of panic. “...new CEO has the credentials to only help excel PROTAC in the market, dips for more to jump in!,” they said.
ARVN stock has dropped 35% over the past 12 months.
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