Ex-Biogen Chief Named Boston Scientific CEO

Boston Scientific Corp., one of the biggest makers of angioplasty products, said it appointed James Tobin, former chief executive of Biogen Inc., its new chief executive and president, effective immediately. During Tobin’s five years of leadership, Biogen turned its multiple sclerosis drug Avonex into a blockbuster as its stock became one of the best biotech performers. Analysts said the appointment of Tobin, 54, is a shot in the arm for Boston Scientific, which has struggled with a number of issues in the last few months, including a product recall, a Justice Department investigation and accounting problems in a Japanese unit. Tobin’s unexpected resignation in December from Cambridge, Mass.-based Biogen, one of the world’s biggest biotechnology companies, sent Biogen shares down 8%. Boston Scientific Chairman Peter Nicholas said Tobin will be in charge of Boston Scientific’s day-to-day operations, while Nicholas will focus more on longer-term planning. Nicholas, 62, had been the company’s only chief executive since helping found it two decades ago. Shares of Natick, Mass.-based Boston Scientific jumped $4.50 to close at $38.50 on the NYSE.