Vertex CEO Boger to Step Down

Vertex(VRTX Quote) CEO Joshua Boger is stepping down, the company announced Thursday.

Matthew Emmens, chairman of British pharmaceutical firm Shire PLC( SHPGY Quote), will be Vertex's president effective immediately, and will take the helm as chairman and CEO when Boger -- who co-founded the company in 1989 -- retires in May.

Emmens, a 35-year veteran of the pharmaceutical industry, Mr. Emmens, 57, has a resume that includes work at Merck KGaA, Astra Merck and Merck(MRK Quote), in addition to Shire, where he has worked since 2003, according to a statement Vertex released Thursday.

Vertex Chairman Charles Sanders, who will remain lead director of Vertex's board, said the following:

"The board recognizes Joshua for the inspiration he has provided to Vertex, its employees, shareholders and patients and their families for the past 20 years. His commitment to making a difference in the lives of patients, and his track record of scientific and medical advances has generated breakthrough product opportunities and significant value for shareholders. Joshua is a true scientific and business visionary, and also a leader for many people connected to the biopharmaceutical industry. We look forward to his continuing active role in guiding the direction of Vertex."

Emmens was similarly ebullient in his portion of the statement Thursday:

"We have a rare opportunity to create a world class commercial enterprise that complements Vertex's excellence in R&D innovation. In the area of hepatitis C, and also in cystic fibrosis, Vertex has the potential to transform patients' lives and build tremendous value, and together with the employees my goal is to make this vision a reality."