USA – Pfizer has appointed Dr. Chris Boshoff, its chief oncology officer, to the newly created position of Chief of Research and Development (R&D).
The move comes as the pharmaceutical giant faces increasing scrutiny over its pipeline and the sustainability of its growth strategies following the end of pandemic-era windfall revenues from its COVID-19 vaccines and treatments.
Dr. Boshoff will succeed Dr. Mikael Dolsten, whose departure from Pfizer was announced in July, marking the end of his 15-year career at the company. Dr. Dolsten’s departure is set to take effect on January 1, 2024.
This leadership shift comes at a critical time for Pfizer as it navigates the post-pandemic landscape, having seen the substantial revenue streams from its COVID-19 vaccine, Comirnaty, and antiviral drug, Paxlovid, diminish.
To maintain its market position, Pfizer is pivoting towards novel treatment modalities such as antibody-drug conjugates (ADCs) and bispecific antibodies, particularly in oncology, as part of its long-term growth strategy.
In his new role, Dr. Boshoff will retain responsibility for Pfizer’s oncology R&D operation, which will maintain its current structure as announced earlier this year. This reflects Pfizer’s ongoing commitment to cancer research as a key focus area.
He will also be supported by Roger Dansey, who has been named interim chief oncology officer until a permanent successor is appointed.
Dr. Boshoff will further be joined by Johanna Bendell, a former Roche executive who has been brought in as oncology chief development officer.
Dansey, who previously served as chief medical officer at Seagen—a company Pfizer acquired for US $43 billion in 2023—plans to retire once a new chief oncology officer is named.
Albert Bourla, Pfizer’s CEO, praised Dr. Boshoff’s appointment, stating, “Dr. Boshoff is the ideal leader to propel Pfizer’s R&D engine forward and transform it into a world-leading organization with a more focused strategy, driving the delivery of additional impactful breakthrough medicines with blockbuster potential.”
Bourla has been under pressure from hedge fund Starboard Value, which has criticized Pfizer’s leadership and strategic direction.
Starboard claims that the company has lost at least US $20 billion in market value since 2019 and has underperformed its industry peers.
Among the criticisms is Pfizer’s US $70 billion acquisition spree, which Starboard argues will fail to meet the anticipated returns, along with inefficiencies in R&D that have resulted in a lack of new product launches from 2019 to 2023.
Starboard also claims that Pfizer’s goal of launching 15 new blockbusters by 2028 is now “completely unachievable,” citing setbacks in its obesity treatment program.
Dr. Boshoff’s promotion to the chief R&D position, an internal appointment after an extensive vetting process that included external candidates, may surprise some investors who had called for fresh leadership from outside the company.
Shortly after the announcement of Boshoff’s new role, Pfizer revealed two new collaborations under its US $7 billion strategic alliance with Flagship Pioneering, aimed at developing up to 10 new drug candidates.
Pfizer will work with two start-ups—Montai Therapeutics, focused on lung cancer, and Ampersand Biomedicines, concentrating on obesity—although financial details of these new partnerships have not been disclosed.
This alliance adds to previous collaborations with ProFound Medicines and Quotient Therapeutics, further strengthening Pfizer’s pipeline in oncology, obesity, and cardiovascular diseases.
