Gilead Sciences’ chief medical officer will leave the company early next year as the drugmaker struggles to find new areas of growth beyond its core portfolio of HIV medicines.
Merdad Parsey, who joined Gilead in 2019, will stay in his post until the first quarter of next year as the company looks for a successor, Gilead said in a press release Wednesday.
Gilead has faced multiple setbacks in its attempt to move away from its stronghold in virology and into other areas like cancer. Shares of the company are down about 12% this year, but they rose on Wednesday following the announcement, indicating investors’ hopes that a new research chief could spur a turnaround in Gilead’s development efforts.
