James L. Vincent
Encyclopedia
James L. "Jim" Vincent was the Chairman and CEO of Biogen Idec
from 1985 to 2002. He graduated from Duke University
's Pratt School of Engineering in 1961 with a Bachelor of Science
degree. He received an MBA from the Wharton School of Business at the University of Pennsylvania
in 1963. He is currently a member of the Board of Directors
of Alnylam Pharmaceuticals and Board of Trustees of Duke University. He has two children, Aimee Jamison and Christopher Vincent.
Vincent is credited with decisions leading to the financial stability and success of Biogen in the late 80s and early 90s.
in Europe and Japan. He chose to leave TI, and then joined Abbott Laboratories
, as the Founding President of its Human Diagnostics Division. He rose to President and Chief Operating Officer of Abbott. He then became the President of Allied Health and Scientific Products.
Vincent's initial steps were to focus the company, reduce expenses, and gain the cash needed to turn the company around. These steps included eliminating 85% of existing scientific projects and shrinking headcount from 500 to 225 to cut expenses. He also raise $65 million dollars in 1986 and renegotiated licensing contracts Biogen had in place with other pharma companies.
With a viable burn-rate in place enabling Biogen to survive, Vincent built and executive team and focused on developing Hirulog and Avonex. Ultimately, the company developed, manufactured and marketed Avonex as a leading therapy for multiple sclerosis. Avonex was introduced in 1996, and is used for treatment of relapsing forms of multiple sclerosis. It is the first drug to have proven, in a blinded clinical trial, that it slows the progression of disability as well as reduces the frequency of exacerbations.
He is also a past board member of the Biotechnology Industry Organization (BIO) and the Pharmaceutical Research Manufacturers of America (PhRMA).
Biogen Idec
Biogen Idec, Inc. is a biotechnology company specializing in drugs for neurological disorders, autoimmune disorders and cancer. The company was formed in 2003 by the merger of Cambridge, Massachusetts-based Biogen Inc. and San Diego, California-based IDEC Pharmaceuticals...
from 1985 to 2002. He graduated from Duke University
Duke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
's Pratt School of Engineering in 1961 with a Bachelor of Science
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
degree. He received an MBA from the Wharton School of Business at the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
in 1963. He is currently a member of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of Alnylam Pharmaceuticals and Board of Trustees of Duke University. He has two children, Aimee Jamison and Christopher Vincent.
Vincent is credited with decisions leading to the financial stability and success of Biogen in the late 80s and early 90s.
Early career
Prior to working in the healthcare industry, Vincent held senior positions at Texas InstrumentsTexas Instruments
Texas Instruments Inc. , widely known as TI, is an American company based in Dallas, Texas, United States, which develops and commercializes semiconductor and computer technology...
in Europe and Japan. He chose to leave TI, and then joined Abbott Laboratories
Abbott Laboratories
Abbott Laboratories is an American-based global, diversified pharmaceuticals and health care products company. It has 90,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. The company was founded by Chicago physician, Dr....
, as the Founding President of its Human Diagnostics Division. He rose to President and Chief Operating Officer of Abbott. He then became the President of Allied Health and Scientific Products.
Biogen turnaround
In 1985, he left Allied to take the President and CEO role of Biogen. Biogen, having raised and spent vast sums of money in the early 80s without delivering a stream of revenue-generating product, was "teetering on the brink, with mounting losses and no way to raise more money," when he joined.Vincent's initial steps were to focus the company, reduce expenses, and gain the cash needed to turn the company around. These steps included eliminating 85% of existing scientific projects and shrinking headcount from 500 to 225 to cut expenses. He also raise $65 million dollars in 1986 and renegotiated licensing contracts Biogen had in place with other pharma companies.
With a viable burn-rate in place enabling Biogen to survive, Vincent built and executive team and focused on developing Hirulog and Avonex. Ultimately, the company developed, manufactured and marketed Avonex as a leading therapy for multiple sclerosis. Avonex was introduced in 1996, and is used for treatment of relapsing forms of multiple sclerosis. It is the first drug to have proven, in a blinded clinical trial, that it slows the progression of disability as well as reduces the frequency of exacerbations.
Board affiliations
Vincent is a member of the Board of Alnylam Pharmaceuticals and the Committee for Economic Development, as well as a former Director of the Millipore Corporation, Curagen Corporation, Continental Bank of Illinois (now Bank of America), Idexx Corporation, University of Pennsylvania, University of Pennsylvania Medical Center and Wharton School of Business and Finance.He is also a past board member of the Biotechnology Industry Organization (BIO) and the Pharmaceutical Research Manufacturers of America (PhRMA).