Madrigal Pharmaceuticals shares fall after new CEO named

Shares of Madrigal Pharmaceuticals Inc.
MDGL,
-7.64%
fell more than 7% premarket on Monday after the company appointed Bill Sibold, a former Sanofi
SNY,
+2.00%
executive, as its new CEO. Sibold succeeds Dr. Paul Friedman, the company’s CEO since 2016, who will continue to serve on the board of directors, Madrigal said in a release. Julian Baker, chairman of Madrigal’s board, said in a statement that Sibold’s “extensive experience launching specialty medications in new therapeutic categories will be invaluable as Madrigal transitions from a clinical development-stage company to a fully integrated commercial organization.” Madrigal is pursuing new therapies for nonalcoholic steatohepatitis, or NASH, a liver disease. Madrigal shares have dropped 32% in the year to date, while the S&P 500
SPX,
+0.67%
has gained 16%.