End Appears Near for Finneran in Biotech Job
By Stephen Heuser, The Boston Globe
Jan. 9–The Massachusetts Biotechnology Council last night wrapped up its first meeting to discusses the future of president Thomas M. Finneran without disclosing a decision, but a person working closely with one of the board members said Finneran lacks the support to keep his $416,000 job as the group’s president.
In a conference call lasting more than an hour, the 21-member board discussed whether to keep Finneran after the former Massachusetts House speaker pleaded guilty to felony obstruction-of-justice charges in federal court on Friday.
After the call , board chairman Michael Webb confirmed the meeting had taken place and said, “The board expects to resolve the matter in the very near future.”
A person who had been briefed on the conversation said that Webb called Finneran last night to give him an update on the talks.
Finneran could not be reached for comment last night.
Over the weekend, Finneran’s supporters rallied to his side, with some legislators calling council members on his behalf. Even former adversaries, including Representative Martin T. Meehan, Democrat of Lowell, whose district Finneran proposed eliminating in 2001, publicly vouched for his character.
However, a person who works with one of the board members said that a small group of staunch Finneran supporters on the board realized yesterday they lack the votes to keep him as president, and are unlikely to mount a divisive battle to keep him.
The council, a nonprofit trade group, represents several hundred companies, from tiny research start-ups to global pharmaceutical companies that have research labs in the state.
It hired Finneran as president in 2004 immediately after he stepped down from the Massachusetts House of Representatives under federal investigation over his testimony in a redistricting lawsuit. When he was indicted the following year on three charges of perjury and one of obstruction of justice, the board stood behind him.
On Friday he pleaded guilty to the obstruction-of-justice charge in exchange for having the perjury charges dropped. He also paid a $25,000 fine.
Although Finneran is widely seen as an effective lobbyist adept at working his connections on Beacon Hill and Capitol Hill, the question has arisen of whether Finneran may now represent a liability as the public face of the industry.
Joe Panetta , president of Biocom, a large biotech lobby in California, declined to comment on Finneran, but said biotechnology in particular takes pride in its reputation as a clean industry.
“From the national association on down, the industry has always strived to maintain a reputation that’s not focused on profit or gain, or CEO benefits, or any of that,” said Panetta. “A lot of people refer to us as having sort of a white-knight reputation.”
Finneran’s departure would leave the group without a leader at a delicate moment for the industry. Congress will vote this year to reauthorize legislation governing new-drug approvals, and many executives worry that the Democratic Congress will add language tightening safety controls and otherwise making drug development more expensive.
Another, more local issue is the arrival of BIO 2007, the world’s largest biotechnology conference, in Boston in May. The Massachusetts Biotechnology Council is the official local sponsor of the event, expected to bring 20,000 people to the Boston Convention and Exhibition Center.
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