InterMune Names Interim Chief
- Share via
InterMune Inc., which makes medicines used to bolster the immune system, said founder Scott Harkonen resigned as chief executive and president days after the U.S. biotechnology company lowered its 2003 sales forecast.
Director William Ringo, a former executive at drug maker Eli Lilly & Co., will become interim CEO and executive chairman while the Brisbane, Calif.-based company searches for a replacement. Harkonen will remain a board member, InterMune said.
Harkonen’s resignation comes less than three weeks after InterMune shares lost a third of their value in one day on the reduced sales estimate. Executives blamed lower-than-expected sales of Actimmune, a drug used to treat severe osteopetrosis, which causes overly dense bones.
InterMune’s shares rose $1.02 , or 6.7%, to $16.19 on Nasdaq. The shares have fallen 37% this year.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
