Karuna Therapeutics said Tuesday that its CEO, Steve Paul, will be replaced by Bill Meury, a private equity investor and former pharmaceutical executive, suggesting a takeover is unlikely in the near future.
Paul will remain with the company as chief scientific officer and a member of its board. Christopher Coughlin, the company’s lead independent director, will take Paul’s role as chair of the board. Meury will take over as CEO on Jan. 3.
The transition caps a rare and impressive late-career success story for Paul, who was previously the head of research and development at Eli Lilly. In August, Karuna announced that its antipsychotic drug achieved the main goals of a study, reducing psychosis and related symptoms. Karuna shares are up about 75% from the beginning of the year.
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