PTC Therapeutics appointed Jessica Chutter to its board of directors, adding a longtime biotechnology investment banker who helped build Morgan Stanley’s biotech franchise and recently retired as managing director and chair of biotechnology investment banking.
Chutter spent more than 40 years at Morgan Stanley and was involved in about $80 billion of capital raising and $85 billion of strategic transactions during her tenure. PTC said she had also been a trusted advisor to the company while at Morgan Stanley.
The appointment comes as PTC’s board and management team focus on the company’s next stage of growth. Chairman Michael Schmertzler said Chutter will play an integral role in that effort, while CEO Matthew B. Klein said her biotech experience and company-building track record will be valuable to the board.
Chutter said she has been impressed with PTC’s transformation over the past few years into what she described as a strong, execution-oriented biotech company positioned for future success. The market has reacted to these announcements by moving the company's shares -4.18% to a price of $72.48. For more information, read the company's full 8-K submission here.
