New Haven-based Arvinas Inc. on Thursday named longtime executive Randy Teel as its new president and chief executive officer, succeeding John Houston, who is retiring after nearly a decade leading the biotechnology company.
Teel, 49, previously served as Arvinas’ chief business officer. He will also join the company’s board of directors. The appointment is effective immediately.
Houston, who has led Arvinas since 2017, had announced last July he planned to step down. He will remain on the board and serve as a consultant to the company. Briggs Morrison, a physician and board member, has been elected board chair.
Arvinas, headquartered at 5 Science Park in New Haven, is a clinical-stage biotechnology company working on treatments for breast and prostate cancers.
The leadership transition follows a volatile stretch for Arvinas, which has reduced staff and recalibrated its development strategy alongside partner Pfizer Inc.
In September, Arvinas said it and Pfizer would seek a third-party partner to commercialize vepdegestrant, their jointly developed breast cancer drug candidate currently under review by the U.S. Food and Drug Administration. At the time, the company also disclosed plans to cut about 15% of its workforce and authorized a $100 million stock repurchase program amid pressure from activist investor Logos Global Management, which had urged expense reductions and a sharper research focus.
Those actions followed deeper cuts earlier in the year. In May, Arvinas announced plans to lay off 131 employees, roughly one-third of its workforce, after discontinuing two phase 3 trials with Pfizer tied to vepdegestrant.
Arvinas’ partnership with Pfizer, announced in 2021 and valued at up to $2.4 billion, marked a pivotal moment for the company, providing significant capital and external validation of its technology platform.
Morrison said the board selected Teel following a comprehensive search, citing his role in refining Arvinas’ strategic priorities and his familiarity with the company’s science and operations.
Teel joined Arvinas in 2018 and played a key role in its initial public offering. As chief business officer, he oversaw corporate strategy, business development and investor relations, and also held senior roles in finance, including a period as interim chief financial officer.
Before Arvinas, Teel held leadership roles at Alexion Pharmaceuticals and worked as an associate partner at McKinsey & Co., advising biopharmaceutical clients. He holds a doctorate in immunobiology from Yale University.
Teel said he is assuming the CEO role at a pivotal time for the company, pointing to recent clinical progress and upcoming development milestones.
During Houston’s tenure, Arvinas completed its IPO, raised more than $2 billion through financings and partnerships, and advanced multiple drug candidates into clinical testing.
