Allergan CEO David Pyott could get a $15.7 million change-of-control bonus if he says yes to GlaxoSmithKline’s alleged interest in buying his company. The potential windfall is detailed in Allergan’s proxy statement filed with the SEC. Pyott gets $2.3 million if the company has a change in control (i.e. GSK buys all its shares). But he gets $15.7 million if his job is terminated...
Pharma Industry Archive
March 2009
The prices of about 1,400 branded drugs are about to get a little cheaper because of a $352.7 million class action settlement with wholesale drug distributor McKesson. In addition to the payment, the prices of 1,442 medicines will be lowered by 4 percent, according to a federal court ruling. The court-approved deal wraps up a lengthy case in which McKesson and First Databank were accused of...
Stop & Shop has gone one better than Walmart’s $4 prescription drug plan. It’s offering generic antibiotics free of charge through July 11. The company says: If your physician feels you need an antibiotic, just bring in your prescription and you can get up to a 14-day supply of select generic antibiotics free with your Stop & Shop Card. Here’s the list of drugs they...
Allergan’s stock has risen on an item from DealReporter.com outlining acquisition discussions with GlaxoSmithKline. Allergan surged $5.41, or 13 percent, to $48.58, per Bloomberg, on the news. As usual, at BNET we ask: before the money gets spent, what’s the worst-case scenario? The first thing to note is that GSK has less than half the cash it needs to create “GlaxoGan”...
Shire, the British company that markets Adderall and Vyvanse, has produced a compensation report for its senior executives that is all but impossible to understand. The disclosure, starting on page 52 of the annual report, describes the compensation of just three of its top executives — former CEO Matthew Emmens, current CEO Angus Russell and CFO Graham Hetherington. But nowhere in the...
A federal court ruling on Teva’s Plan B “morning after” contraceptive reveals how the Bush White House corrupted the internal operations of the FDA, encouraged decisions not based on science, and led to months-long delays in approvals process. Judge Edward Korman’s ruling makes Plan B (pictured) available over-the-counter instead of behind-the-counter, ending a long and...
Bristol-Myers Squibb employees: Have you ever been made late by a meeting that ran a bit too long? If so, the company will provide you with a private jet to get you to your next appointment on time. At least, that was the perk given to R&D president Elliott Sigal, according to BMS’s 2008 proxy statement filed with the SEC: Due to his need to stay at a business meeting which ran longer...
Teva might want to ask Novartis where the latter got its idea for “Novartis Land,” the HR video game that Novartis employees are asked to play in order to teach them about ethics. Novartis Land bears a strong resemblance to Teva’s game, “Biologicsland.” BNET readers will remember that back in October Teva launched Biologicsland as an online game that gently hints...
Allergan CEO David Pyott received a 6 percent raise in total compensation last year, bringing his pay packet to $11.9 million. The top five executives of Allergan all got pay raises. Their total combined compensation rose 10 percent to $24 million. Over the year, Allergan fared well. Revenues rose to $4.4 billion from $3.9 billion. Net income rose to $579 million from $501 million. Business has...
The Journal of the American Medical Association has instituted a bizarre new policy requiring silence from anyone who notices a conflict of interest among its authors. JAMA will require silence about such conflicts until it has “investigated” them, according to the WSJ. The policy is, of course, bound to fail. It arises after JAMA thoroughly embrassed itself by insulting a professor...
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