Biogen looks for new leadership after Alzheimer's drug fizzles

Biogen will replace its CEO and largely abandon marketing of its controversial Alzheimer's drug Aduhelm less than a year after the medication's launch triggered a backlash from experts, doctors and insurers.

CEO Michel Vounatsos will continue to lead Biogen until a successor is found, the company said Tuesday. Vounatsos has been CEO since 2016 and was the chief architect of the company's strategy built around Aduhelm.

For now, Biogen announced it is "substantially eliminating" spending on Aduhelm as part of a $1 billion dollar cost-saving plan designed to refocus the company's flagging pharmaceutical business.