Kelly Martin--Elan

Kelly Martin
CEO, Elan

2012 pay package: $2.30 million
2011 pay package: $2.89 million
Change: -20.18%

Professional Profile: Princeton graduate Kelly Martin was appointed a director of Elan ($ELN) in 2003 after being named president and CEO. Before joining Elan, Martin spent more than 20 years at Merrill Lynch & Co., where he held a variety of managerial positions.

2012 Compensation Stack: $1 million salary; $1,250,000 bonus; $7,500 in pension; $45,289 in other benefits.

Company Performance: Elan is practically a different company in 2013 than it was in 2012. Last year, it was banking on the success of its experimental Alzheimer's drug bapineuzumab, which attempted to tackle the disease's characteristic amyloid plaques but missed the mark and targeted patients at the wrong stage when their brains were too damaged to benefit from the drug. In August last year, partners Johnson & Johnson ($JNJ) and Pfizer ($PFE) halted a late-stage program to develop bapineuzumab after a Phase III trial failed. Elan had a lot invested in the drug--a 25% stake in potential sales. Martin was expected to leave the company after the Phase III results were out, but the Elan CEO has stayed on, seemingly to remake the company after its failure last year.

In February, Elan sold its 50% stake in the multiple sclerosis drug Tysabri for $3.25 billion and a royalty stream to Biogen Idec ($BIIB), plumping up its bank account and poising it to buy new assets. That news prompted a bid by Royalty Pharma to buy out Elan for $5.7 billion, which would have put cash in the hands of investors, but the Irish company promptly turned the offer down in April.

In the latest episode of the Elan saga, the company struck a deal to pay a billion dollars for a share of Theravance's ($THRX) future royalties on Breo and a host of other respiratory drugs currently in development, announcing the deal following Breo's U.S. approval. The move signals Elan's desire to regain its independence.

For more:
Elan closes $3.25B Tysabri deal and preps for biotech deal spree
Royalty Pharma plans to press $6.6B Elan offer on investors
Elan faces uncertain future after Alzheimer's drug crash
Elan CEO puts retirement party on hold as Alzheimer's PhIII looms

Kelly Martin--Elan
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