Biogen Idec appoints new chief financial officer

Biogen Idec has announced the appointment of Paul Clancy to the position of executive vice-president and chief financial officer of the company.

This appointment will become effective at the start of next week, with Mr Clancy reporting directly to chief executive officer James C Mullen.

Mr Clancy is being promoted from the position of senior vice-president of finance, where he currently is responsible for heading the business planning, investor relations, tax and treasury groups.

Since joining Biogen Idec in 2001, Mr Clancy has held a number of senior executive roles at the firm, including vice-president of business planning, portfolio management and US marketing.

Mr Mullen said: “Paul brings more than 20 years of experience in financial management and strategic business.

“In his six years at Biogen Idec, he has repeatedly proven himself to be an effective and valued leader.”

He added that – with the help of Mr Clancy – the firm would continue to push forward its operational and strategic plans in order to boost shareholder value.

Last month, Biogen Idec reported its financial results for the second quarter of the 2007 fiscal year, with the firm reporting a 17 per cent increase in revenues over the comparable period last year to (375.8 million pounds).