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May 4, 2018

Achillion names new CEO as top leader exits

Photo | Contributed New Achillion CEO Joseph Truitt
By Natalie Missakian

New Haven’s Achillion Pharmaceuticals said this week it has promoted Chief Operating Officer and President Joseph Truitt to CEO.

Truitt replaces Milind S. Deshpande, who has been with the biopharma for 17 years, the last five as CEO.

In addition to stepping down as CEO, Deshpande will resign from the company’s Board of Directors but will stay on as a scientific consultant, Achillion said.

The management change comes as the company shifts away from infectious diseases to focus on its drugs for rare kidney and blood disorders.

Truitt joined the company in 2009, heading up its business development and commercial strategy, and has led the launch of rare disease drugs at previous companies, Achillion said.

He will earn a base salary of $560,000, according to an SEC filing.

“We are very pleased that Joe has stepped up to lead Achillion through its next stage of growth, and that he has the experience of successfully navigating many of the challenges that come with launching a rare disease drug,” said David Scheer, chairman of Achillion’s board of directors.

Deshpande said he was “proud to have had a foundational role in positioning Achillion to be a leader (in developing treatments) that have the potential to improve the lives of patients who have no or few options.”

The announcement coincided with the release of first-quarter earnings showing net losses of $20.6 million, or 15 cents a share, for the period ended March 31, about the same as a year ago.

The company announced plans in February to cut 18 of its 70 employees to save $10 million this year.

The loss includes $1.8 million in severance payments, benefits and other costs stemming from the restructuring, Achillion said.

 Natalie Missakian can be reached at news@newhavenbiz.com

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