As TheracosBio launches inexpensive diabetes drug, it makes a CEO switch

01 Aug 2023
www.fiercepharma.com
Drug ApprovalAcquisitionExecutive Change
As TheracosBio launches inexpensive diabetes drug, it makes a CEO switch
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Source: FiercePharma
Last month, TheracosBio made headlines when it partnered with Mark Cuban’s online distributor Cost Plus Drug Company to sell newly approved Type 2 diabetes drug Brenzavvy at a steep discount to the market leaders.
After gaining its first FDA approval in its two-plus decades of existence, TheracosBio has made a CEO switch, replacing Al Collinson, Ph.D., with Brian Connelly.
Collinson, who ran Theracos for more than 14 years, guided the development of SGLT2 diabetes drug Brenzavvy, which was blessed by the FDA in January. He will now assume an advisory role with the company.
Connelly was formerly the CEO of IncreVet, a veterinary drug development company which Theracos Inc.—the parent company of TheracosBio—bought out in 2022.
The switch comes as Theracos is busy launching Brenzavvy (bexagliflozin). Last month, the Massachusetts-based company made headlines when it announced a partnership with Mark Cuban’s online distributor Cost Plus Drug Company, which will charge $47.85 for a monthly supply of Benzavvy.
The price sets up an intriguing battle with the higher-priced, dominant treatments in the indication. AstraZeneca’s Farxiga carries a monthly price of $551, while Eli Lilly and Boehringer Ingelheim’s Jardiance costs $578 per month, according to GoodRx.
Connelly—a graduate of Boston College and George Washington University's law school—spent the first 15 years of his career as a lawyer for a firm that served biotech and life science companies before he co-founded IncreVet in 2017.
In early 2022, Theracos acquired IncreVet and licensed the use of bexagliflozin for animals to Elanco Animal Health, a former subsidiary of Eli Lilly. In December of last year, the FDA approved Elanco’s Bexacat as the first oral, non-insulin diabetes treatment for cats.
“Leading TheracosBio, building the great team that is in place now, bringing an affordable SGLT2 inhibitor to market and realizing the vision to reduce cost barriers and expand access to new medications for people with common diseases has been a great privilege,” Collinson said in a release. “I am confident that Brian’s background and familiarity with the company’s story make him a great choice to lead the company into this next phase of growth.”
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