Biogen Inc. (BIIB) has been buzzed about as a potential takeover target but the upcoming departure of chief financial officer Paul Clancy signals that a sale of the biotech firm isn't imminent, according to Mizuho Securities USA LLC analyst Salim Syed.
"If I had to guess, probably there's nothing imminent on the table in terms of the company being bought out," Syed said in a Wednesday, June 14, interview. "It would be abnormal for a CFO to leave if the company were in the middle of being bought."
Clancy, who has served as Biogen's finance chief since 2007 and has spent a total of more than 16 years at the Cambridge, Mass.-based firm, is leaving to join Alexion Pharmaceuticals Inc. (ALXN) .
In July of last year, on the heels of Biogen's second-quarter earnings call, TheStreet reported that analysts were viewing Biogen as both a potential buyer and takeover target. In August, the Wall Street Journal reported that Biogen has attracted interest from companies including Merck & Co. (MRK) and Allergan plc (AGN) . Then in December, when Biogen named Michel Vounatsos as the company's new CEO, Reuters reported that the selection of Vounatsos "likely keeps the U.S. biotech in play as a takeover target."
As for potential acquisitions by Biogen, Syed said Clancy's departure probably doesn't change anything in terms of which companies they're looking at buying.