CEO and Director, BioMarin Pharmaceutical
2012 pay: $6.29 million
2011 pay: $19.18 million
Professional Profile: Jean-Jacques Bienaimé has served as CEO and director of BioMarin since 2005. He studied economics at the Ecole Supérieure de Commerce de Paris as an undergraduate and earned an MBA from the Wharton School at the University of Pennsylvania. From 1992 to 1998, Bienaimé served in various management positions at Rhône-Poulenc Rorer Pharmaceuticals, now the Sanofi-Aventis Group. From 1998 to 2002, Bienaimé was CEO and president of the biotech company SangStat Medical. Before joining BioMarin, he served as the chairman, CEO and president of Genencor International, which was acquired by Danisco A/S.
2012 Compensation Stack: $821,052 in salary, $2.097 million in stock awards, $2.353 million in options and $1.017 million worth of perks and other compensation.
Company Performance: Rare-disease specialist BioMarin Pharmaceutical ($BMRN) had been rumored as a takeover target, but in the second half of 2012 it fared better than analysts expected. In the third quarter last year, the company reported a smaller loss on improved sales for some of its drugs. The Novato, CA, company reported that it lost $5.4 million, or 4 cents per share, in the last quarter compared with a loss of $17.6 million, or 16 cents per share, a year earlier. Revenue was also up 13% to $128.1 million. The company was predicted to have a loss 5 times that much, but sales of Naglazyme, its treatment for an inherited disease that causes retardation, and Kuvan, a treatment for the genetic disorder PKU, which can interfere with brain development, both helped beat expectations by growing at double-digit rates.
In more upbeat news last year, Biomarin announced in November that its experimental therapy GALNS hit the primary endpoint in a pivotal study for the rare lysosomal storage disorder mucopolysaccharidosis type IVA, also called Morquio A syndrome. Caused by an enzyme deficiency, the condition triggers a host of skeletal and bone disorders. BioMarin currently has four drugs on the market and may soon have a fifth if its GALNS therapy is approved.
Last year, it was rumored that GlaxoSmithKline ($GSK) and Shire ($SHPG), two U.K. drugmakers that already sell drugs for rare diseases, might be interested in BioMarin and a deal could soon be on the horizon. There were estimates that BioMarin could draw $7 billion. Since then, though, there's been no word on the dealmaking front.
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