Biotech Values

[DewDiligence]

Brugger’s departure is similar to the Kurt Graves situation at VRTX, IMO. One difference, however, is that Graves left VRTX shortly before the company presented consequential data at AASLD last year, which temporarily called into question whether his departure was related to a problem with the Telaprevir program. (As it turned out, there was no problem with Telaprevir, and we may presume that Graves left because he was passed over for the CEO job.) In Brugger’s case, I cannot identify a plausible covert rationale for the departure, and hence it seems likely that Brugger simply wants to be a CEO.