Woeful Axovant starts axing staff, but departing CEO David Hung gets a $2.6M exit package/bonus
When the high-profile biotech exec David Hung signed on to helm Axovant $AXON back on April 10, the stock was still riding high at $22 a share. On Wednesday, a day after Hung resigned, the stock closed at $1.63 — which some might consider generous given that he and his team had just dropped out following the implosion of the biotech’s lead drug for Alzheimer’s and Parkinson’s.
But just because the company failed so woefully — capping the catastrophe with a miscue on a negative data point — doesn’t mean that Hung will leave uncompensated for his work.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.