DURHAM — Durham-based Chimerix announced Monday that a new chief executive officer has been hired, effective immediately.
The biopharmaceutical company appointed Michael A. Sherman, former CEO of Endocyte Inc., as CEO.
The company also appointed Michael T. Andriole, former chief financial officer of Endocyte Inc., to the newly created position of chief business officer.
“We are delighted to welcome Mike Sherman and Mike Andriole to our executive management team,” said Martha J. Demski, chair of the Chimerix board, in a statement. “This pair has a proven track record of successfully developing valuable clinical assets, and we believe Chimerix will significantly benefit from the strategic and operational experience they will bring the company.”
Former Chimerix CEO Michelle Berrey stepped down on Feb. 6 after serving as CEO since 2014.
“I am excited to be joining Chimerix at this pivotal juncture in its growth trajectory and believe that together we can implement a strategy to maximize the Company’s strengths to create both near- and long-term value,” said Sherman in a statement.
“Mike and I look forward to working with the Chimerix leadership team to conduct a full strategic review and expect to announce those findings and our plans moving forward in the coming months. Importantly, the Company’s strong financial position will provide substantial strategic flexibility as we prepare those plans.”
Previously, Sherman served as CEO of Endocyte from 2006 until its acquisition by Novartis AG in December 2018 for $2.1 billion. He holds a B.A. in economics from DePauw University and an M.B.A. from the Tuck School of Business at Dartmouth.
Before joining Endocyte in 2017, Andriole was a member of Eli Lilly and Co.’s corporate development leadership team with responsibility for international transactions. He graduated cum laude from Xavier University’s Williams College of Business and earned his M.B.A. from Indiana University’s Kelley School of Business.
Chimerix granted Sherman a stock option to purchase 1.25 million shares of Chimerix’s stock, and Andriole an option to purchase 500,000 shares.
Chimerix stock closed at $2.09 Monday, up 2 percent from Friday’s close.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism.