IGM names Mary Beth Harler CEO as it prioritizes T cell engagers

After a strategic prioritization and restructuring last year, IGM Biosciences Inc. (NASDAQ:IGMS) has further narrowed its focus, while naming Head of Research and Autoimmunity Mary Beth Harler CEO and a director. IGM will focus exclusively on autoimmunity under Harler, who joined the antibody company in 2021 as president, autoimmunity and inflammation from Bristol Myers Squibb Co. (NYSE:BMY). She succeeds Fred Schwarzer, who is stepping down along with CSO Bruce Keyt and CMO Chris Takimoto. Schwarzer and Keyt will become consultants to the company; Takimoto is leaving for an external opportunity. 

IGM said the changes, which include a workforce reduction of undisclosed size, are in response to data from the company’s ongoing trial of aplitabart to treat metastatic colorectal cancer. The company has decided to minimize investment in the DR5 inhibitor and other cancer programs, which will extend its runway until 2027. The company had $256.4 million cash at June 30. IGM shares fell $2.04 (12%) to $14.50 on Tuesday. ...