Schering-Plough pays counsel $500,000 bonus as thousands lose jobs — A recent SEC filing revealed that Tom Sabatino, the company’s general counsel, received a $500,000 bonus for “strong performance” and “increased responsibility,” at a time when 5,500 S-P employees are losing their jobs in cost-cutting measures. [Source: Pharmalot]
Bristol-Myers Squibb borrows from Exelixis pipeline –For $195 million, BMS acquired development and commercialization rights to two late-stage cancer drugs from Exelixis. The Wall Street Journal called it one of the largest ever upfront payments to a biotech. [Source: FierceBiotech]
1,000 jobs lost between Pfizer and Elan — Both companies announced layoffs: an official 700 at Pfizer’s European headquarters in Paris (though the union claims 892), and 114 at Elan’s operations in New York and Tokyo. [Source: FiercePharma]
