$354M exit package in hand, Medivation CEO David Hung completes a master class in biotech auctions
Now that Medivation CEO David Hung has completed the deal of a lifetime with a stratospheric buyout, he’s grabbing a $35 million golden parachute that is scheduled to burst open in about a month and carry him back down to earth in style. And that’s part of a $354 million package of stock and options he can now cash out of.
The details on the golden parachute — along with a blow-by-blow account of the bidding process that led up to Pfizer’s $14 billion winner — were all included in an SEC filing on Tuesday. And it makes for required reading for any biotech exec looking to make the big score some sunny day.
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