Christine Brennan, head of strategy and operations for strategic alliances at Switzerland-based drugs company Novartis’ Institutes for BioMedical Research, has joined corporate venture-backed peer Vitae Pharmaceuticals as chief business officer.
Previously, Brennan worked at Fidelity Biosciences, a venture capital subsidiary of mutual fund manager Fidelity Investments, and in business development for several early-stage biotechnology companies.
Jeffrey Hatfield, chief executive of Vitae, said: "The life sciences industry is tracking on a path of tremendous change, centred round a rapidly increasing link – even co-dependency – between large pharma and biotech."
Vitae’s drugs are targeting chronic kidney disease, diabetes and Alzheimer’s disease and its raised more than $64m in venture funding and $13m debt since launch. Its investors include strategic investment from drugs companies Allergan and GlaxoSmithKline, semiconductor company Intel and UK-based medical endowment Wellcome Trust, as well as venture capital firms Atlas Venture, New Enterprise Associates, Prospect Venture Partners and Venrock Associates.
Vitae was formerly known as Concurrent Pharmaceuticals until 2005 when it received its last round of venture funding. Vitae has subsequently gained three performance milestones worth an aggregate $26m out of a potential $300m collaboration from Germany-based pharmaceutical company Boehringer Ingelheim.