BERKSHIRE, England Renovo has created a new position entitled chief medical officer and executive board director for John Hutchinson, the former developmental developed for Vernalis.
Renovo has just recently signed a deal with Shire to co-develop a new anti-scarring drug, Juvista. The deal could be worth as much as $825 million with sales estimated to generate as much as $4 billion per year.
Hutchinson leaves Vernalis at a difficult time, as the company is dealing with a decision from U.S. regulators to delay a decision on its menstrual migraine drug Frova for the second time.
Renovo said that they have offered Hutchinson equity stake in the company.