San Francisco-based biotech Medivation will pay its top executives $1 million in bonuses for individual performance, achieving company goals and landing a partnership deal with Pfizer. Here's the breakdown according to the company's Securities and Exchange Commission report filed Wednesday: CEO David Hung will receive $413,435, which includes an "extraordinary bonus" of $100,100 for the Pfizer deal; CFO Patrick Machado and Chief Medical Officer Dr. Lynn Seely will each get $290,000, which also includes the same $100,000 for the Pfizer partnership.
The SEC filing also revealed exec salaries for the 2009 fiscal year. Effective January 1, 2009, Hung will receive $570,000; Machado and Seely will both receive $365,000.
Medivation and Pfizer inked a $725 million partnership in early September. The development and commercialization deal is for Dimebon, a late-stage treatment for Alzheimer's and Huntington's disease. Pfizer will pay $225 million upfront and up to $500 million more in milestones. The two companies will share development and commercialization costs in the U.S., with Pfizer assuming a larger portion of the expenses and profits in a 60-40 split.
Medivation stock jumped 31 percent to a high of $34.40 on news of the Pfizer deal back in September. It closed Wednesday at 18.45 a share.
- check out the San Francisco Business Times article