Bring Me the Head of Genzyme CEO Henri Termeer!
How long will it be before Genzyme (GENZ) CEO Henri Termeer resigns? That question was asked openly at TheStreet.com, which named Termeer the worst Biotech CEO of 2009.
A change of management at Genzyme is increasingly likely now that investor Carl Icahn has upped his stake in the company. Icahn has a history of taking a large share in troubled companies' stock and enforcing management changes, often before engineering a sale of the company.
Genzyme could sure use some adult supervision right now. It's best to handle the company's troubles in list form. So far this year:
- The FDA rejected Genzyme's Lumizyme drug for Pompe Disease, due to manufacturing "deficiencies" at its Allston Landing, Mass., plant.
- It was the second new drug application from Genzyme that the FDA has rejected. It nixed Clolar for leukemia in September.
- The Allston plant has been the subject of a five-week inspection.
- On Friday, garbage -- steel, rubber and fiber -- was found inside some of the drugs coming out the plant.
- Production at the plant was halted in June due to viral contamination.
- The company was warned in February that it wouldn't pass an inspection unless it cleaned up its act.