Ian Read bags $19.5 mil­lion, tak­ing a big pay cut for his swan song as Pfiz­er CEO and leav­ing the phar­ma gi­ant at a cross­roads

Ian Read passed the CEO ti­tle on to his hand picked suc­ces­sor Al­bert Bourla at the be­gin­ning of this year, but not be­fore one last big haul of ex­ec­u­tive com­pen­sa­tion. His over­all num­ber came down sub­stan­tial­ly from 2017, large­ly due to a big drop in the stock op­tion col­umn, but he still scored $19.5 mil­lion for 2018 com­pen­sa­tion.

Read’s big re­tire­ment haul came in 2017, when he took home a chart-top­ping $27.9 mil­lion pay pack­age that in­clud­ed an $8 mil­lion bonus for stay­ing on an ex­tra year. His vic­to­ry lap at the phar­ma gi­ant came as the com­pa­ny was fac­ing a sea change in the in­dus­try, with a lid on an­nu­al price hikes and a shift to the in­ter­nal pipeline.

Alex Gorsky speaks dur­ing a meet­ing be­tween Pres­i­dent Trump and man­u­fac­tur­ing ex­ec­u­tives at the White House in Feb­ru­ary 2017 AP Pho­to

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His num­ber for 2018 leaves Read in the third place spot among Big Phar­ma pay pack­ages, right be­hind J&J’s Alex Gorsky, who al­so saw his pay plunge in a per­ilous year for the in­dus­try’s ma­jor league play­ers. They may earn top pay, but Big Phar­ma CEOs have a rep­u­ta­tion that makes the cor­ner used car sales­men look good in com­par­i­son.

Pfiz­er did man­age to scoop up a slate of new can­cer drug OKs to­ward the end of the year, but the com­pa­ny has tra­di­tion­al­ly re­lied on ac­qui­si­tions and port­fo­lio hikes to keep the num­bers tuned up for Wall Street an­a­lysts. One of those av­enues is be­ing shut down, leav­ing an­a­lysts guess­ing about what Pfiz­er will do with its big cash re­serve fire­pow­er.

Al­bert Bourla, the chief ex­ec­u­tive of­fi­cer of Pfiz­er, in New York City, Jan­u­ary 2019 Drew An­ger­er/Get­ty Im­ages

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The pay num­bers this year bode well for Bourla as he takes over the top spot at Pfiz­er. As COO he earned a much more mod­est $9.8 mil­lion in to­tal com­pen­sa­tion. That’s up $1 mil­lion from the year be­fore. R&D chief Michael Dol­sten, mean­while, bagged $7 mil­lion, down from $7.67 mil­lion.

The CFO Frank D’Ame­lio al­so came in for a bit of a trim, land­ing at $7.1 mil­lion, down $1.2 mil­lion from his 2017 com­pen­sa­tion. 


Fea­tured im­age: Ian Read at a pan­el dis­cus­sion in Wash­ing­ton, DC in Sep­tem­ber 2017 Bloomberg, Get­ty Im­ages

Pablo Legorreta, founder and CEO of Royalty Pharma AG, speaks at the annual Milken Institute Global Conference in Beverly Hills, California (Patrick T. Fallon/Bloomberg via Getty Images)

Cap­i­tal­iz­ing Pablo: The world’s biggest drug roy­al­ty buy­er is go­ing pub­lic. And the low-key CEO di­vulges a few se­crets along the way

Pablo Legorreta is one of the most influential players in biopharma you likely never heard of.

Over the last 24 years, Legorreta’s Royalty Pharma group has become, by its own reckoning, the biggest buyer of drug royalties in the world. The CEO and founder has bought up a stake in a lengthy list of the world’s biggest drug franchises, spending $18 billion in the process — $2.2 billion last year alone. And he’s become one of the best-paid execs in the industry, reaping $28 million from the cash flow last year while reserving 20% of the cash flow, less expenses, for himself.

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Paul Hudson, Sanofi CEO (Getty Images)

Sanofi CEO Paul Hud­son has $23B burn­ing a hole in his pock­et. And here are some hints on how he plans to spend that

Sanofi has reaped $11.1 billion after selling off a big chunk of its Regeneron stock at $515 a share. And now everyone on the M&A side of the business is focused on how CEO Paul Hudson plans to spend it.

After getting stung in France for some awkward politicking — suggesting the US was in the front of the line for Sanofi’s vaccines given American financial support for their work, versus little help from European powers — Hudson now has the much more popular task of managing a major cash cache to pull off something in the order of a big bolt-on. Or two.

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The Advance Clinical leadership team: CEO Yvonne Lungershausen, Sandrien Louwaars - Director Business Development Operations, Gabriel Kremmidiotis - Chief Scientific Officer, Ben Edwards - Chief Strategy Officer

How Aus­tralia De­liv­ers Rapid Start-up and 43.5% Re­bate for Ear­ly Phase On­col­o­gy Tri­als

About Avance Clinical

Avance Clinical is an Australian owned Contract Research Organisation that has been providing high-quality clinical research services to the local and international drug development industry for 20 years. They specialise in working with biotech companies to execute Phase 1 and Phase 2 clinical trials to deliver high-quality outcomes fit for global regulatory standards.

As oncology sponsors look internationally to speed-up trials after unprecedented COVID-19 suspensions and delays, Australia, which has led the world in minimizing the pandemic’s impact, stands out as an attractive destination for early phase trials. This in combination with the streamlined regulatory system and the financial benefits including a very favourable exchange rate and the R & D cash rebate makes Australia the perfect location for accelerating biotech clinical programs.

Dan O'Day, Gilead CEO (Andrew Harnik, AP Images)

UP­DAT­ED: Gilead leas­es part­ner rights to TIG­IT, PD-1 in a $2B deal with Ar­cus. Now comes the hard part

Gilead CEO Dan O’Day has brokered his way to a PD-1 and lined up a front row seat in the TIGIT arena, inking a deal worth close to $2 billion to align the big biotech closely with Terry Rosen’s Arcus. And $375 million of that comes upfront, with cash for the buy-in plus equity, along with $400 million for R&D and $1.22 billion in reserve to cover opt-in payments and milestones..

Hotly rumored for weeks, the 2 players have formalized a 10-year alliance that starts with rights to the PD-1, zimberelimab. O’Day also has first dibs on TIGIT and 2 other leading programs, agreeing to an opt-in fee ranging from $200 million to $275 million on each. There’s $500 million in potential TIGIT milestones on US regulatory events — likely capped by an approval — if Gilead partners on it and the stars align on the data. And there’s another $150 million opt-in payments for the rest of the Arcus pipeline.

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Stymied by the pan­dem­ic, Im­munomedic­s' new CEO bows out, tak­ing a mil­lion bucks plus perks as he heads out the vir­tu­al ex­it

Just a little more than a month since taking over as the latest CEO to helm Immunomedics, $IMMU Harout Semerjian is exiting the company after being confronted by “logistical” obstacles thrown up by the pandemic that made it impossible for him to move from London to carry out the job. And he’s getting a little over a million dollars in cash plus perks to grease the skids on the way out.

Word of the changeup arrived right after the market closed Wednesday.

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No­var­tis jumps in­to Covid-19 vac­cine hunt, as Big Phar­ma and big biotech com­mit to bil­lions of dos­es

After spending most of the pandemic on the sidelines, Novartis is offering its aid in the race to develop a Covid-19 vaccine.

AveXis, the Swiss pharma’s gene therapy subsidiary, has agreed to manufacture the vaccine being developed by Massachusetts Eye and Ear and Massachusetts General Hospital. The biotech will begin manufacturing this month, while the vaccine undergoes further preclinical testing. They’ve agreed to provide the vaccine for free for clinical trials beginning in the second half of 2020, but have not disclosed financials for after.

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Bryan Roberts, Venrock

Ven­rock sur­vey shows grow­ing recog­ni­tion of coro­n­avirus toll, wan­ing con­fi­dence in ar­rival of vac­cines and treat­ments

When Venrock partner Bryan Roberts went to check the results from their annual survey of healthcare leaders, what he found was an imprint of the pandemic’s slow arrival in America.

The venture firm had sent their form out to hundreds of insurance and health tech executives, investors, officials and academics on February 24 and gave them two weeks to fill it out. No Americans had died at that point but the coronavirus had become enough of a global crisis that they included two questions about the virus, including “Total U.S. deaths in 2020 from the novel coronavirus will be:”.

David Hoey (Vaxxas)

In for the long vac­cine game, Mer­ck buys in­to patch de­liv­ery tech with pan­dem­ic po­ten­tial

When Merck dived into the R&D fray for a Covid-19 vaccine earlier this week, execs made it clear that they’re not necessarily looking to be first — with CEO Ken Frazier throwing cold water on the hotly-discussed 12- to 18-month timelines. But when it does emerge from behind, the pharma giant clearly expects to play a significant part.

Part of that will depend on next-generation delivery technology that reshapes the world’s imagination of a vaccine.

via Shutterstock

Ex-biotech chief pleads guilty in col­lege ad­mis­sions scan­dal, faces a 10-month prison stretch in plea deal

The ex-CEO of Harmony Biosciences — as well as former board member for Biohaven — has agreed to plead guilty to two counts of mail fraud after getting caught up in the college admissions scandal.

Charged with paying Georgetown University’s former tennis coach more than $50,000 to get his daughter admitted to the university as a new recruit for the team, Bob Repella took the plea deal, which comes with a recommended sentence of 10 months in prison, with a year of supervised release and a $40,000 fine.