Jim Mullen won a $20M option package when he switched from chairman to the CEO job at Editas — and it’s all tied to performance

Jim Mullen, Editas Medicine CEO

February 22, 2021 02:13 PM EST

Jim Mullen won a $20M option package when he switched from chairman to the CEO job at Editas — and it's all tied to performance

John Carroll

Editor & Founder

The last time James Mullen ran a biopharma company, he was roasted by Carl Icahn for drawing tens of millions of dollars in compensation at a time Biogen’s stock was going down.

This time, he’s starting back at the helm with a compensation package tied to success. And it’s a potentially hefty one, for a biotech company.

According to an SEC filing that dropped several days after Mullen moved from chairman of Editas to the CEO post of the gene editing pioneer, Mullen’s employment letter — which we won’t get to see until the 10-K drops — includes options of $20 million in company stock.

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March 6, 2021 07:36 AM EST

Weekly

The top 100 biopharma VCs, Bob Bradway places $2B bet in cancer, gene editing pioneer's new big idea, and more

Amber Tong

Senior Editor

Welcome back to Endpoints Weekly, your review of the week’s top biopharma headlines. Want this in your inbox every Saturday morning? Current Endpoints readers can visit their reader profile to add Endpoints Weekly. New to Endpoints? Sign up here.

Before diving in, we had some news to share: Endpoints is launching a premium weekly report focusing on all things regulatory. Coverage will be led by our new senior editor, Zachary Brennan, who joins us from POLITICO. Arsalan Arif has more details in his Publisher’s Note.

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Robert Bradway (Photographer: Scott Eisen/Bloomberg via Getty Images)

March 4, 2021 08:51 AM ESTUpdated March 6, 12:47 PM

Deals

UPDATED: Amgen snaps up cancer drug player Five Prime, adding PhIII-ready FGFR2b drug in $2B M&A play

John Carroll

Editor & Founder

Amgen is making a long-awaited move on the M&A side, buying South San Francisco-based Five Prime $FPRX for close to $2 billion and adding a slate of new cancer drugs to the pipeline.

Amgen is paying $38 a share, putting the deal value at $1.9 billion. The stock closed at $21.26 last night, giving investors a 78% premium.

The jewel in the crown of this deal is bemarituzumab, which Amgen describes as a first-in-class, Phase III-ready anti-FGFR2b antibody. Amgen was drawn to the bargaining table by Five Prime’s mid-stage data on gastric cancer, satisfied by PFS and OS data helping to validate FGFR2b as a target. Amgen researchers will now expand on the R&D program in other epithelial cancers, including lung, breast, ovarian and other cancers.

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David Liu (Casey Atkins Photography courtesy Broad Institute)

March 4, 2021 06:57 AM ESTUpdated March 5, 12:48 AM

Discovery

In Focus

David Liu has a new big idea: proteome editing. It could one day shred tau, RAS and some of the worst disease-causing proteins

Jason Mast

Editor

Before David Liu became famous for inventing new forms of gene editing, he was known around academia in part for a more obscure innovation: a Rube Goldberg-esque system that uses bacteria-infecting viruses to take one protein and turn it into another.

Since 2011, Liu’s lab has used the system, called PACE, to dream up fantastical new proteins: DNA base editors far more powerful than the original; more versatile forms of the gene editor Cas9; insecticides that kill insecticide-resistant bugs; enzymes that slide synthetic amino acids into living organisms. But they struggled throughout to master one of the most common and powerful proteins in the biological world: proteases, a set of Swiss army knife enzymes that cut, cleave or shred other proteins in everything from viruses to humans.

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March 3, 2021 08:33 AM EST

Deals

The 2021 top 100 biopharma investors: As the pandemic hit and IPOs boomed, VCs swung into action like never before

John Carroll

Editor & Founder

The global pandemic may have roiled economies, killed hundreds of thousands and throttled entire industries, but the only effect it had on biopharma venture investing was to help turbocharge the field to giddy new heights.

Below you’ll find the new top 100 venture investors in the industry, ranked by the number of deals they were publicly involved in, as tracked by DealForma chief Chris Dokomajilar. The numbers master then calculated the estimated amount of money they put into each deal — divvying up the cash by the number of players — to indicate how they managed their syndicates.

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Paul Hudson, Getty Images

March 5, 2021 09:14 AM ESTUpdated 01:33 PM

People

How does Paul Hudson's $13.5M comp package stack up against other CEOs? He's in the 'first quartile'

Nicole DeFeudis

Associate Editor

Paul Hudson arrived at Sanofi like a hurricane, chopping off duds in the pipeline, shaking up the C-suite, striking big M&A deals and jumping into the Covid-19 vaccine race — all in an attempt to reboot a pharma giant notorious for its setbacks.

Now, we’re getting a look at what the CEO brought home in his first year on the job.

When all is said and done, Hudson will have made about $6.7 million in 2020, about $2.5 million of which has already been paid. The bigger figure includes a $2.3 million bonus that’s subject to approval at an April meeting, and another $1.8 million in variable compensation that has yet to be paid.

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Bruce Cozadd, Jazz CEO (Jazz Pharmaceuticals)

March 5, 2021 03:12 PM ESTUpdated 03:36 PM

Deals

Jazz CEO Bruce Cozadd campaigned for 6 months to buy GW Pharma. A 90% premium sealed the deal — along with $17.6M in ‘retention’ incentives

John Carroll

Editor & Founder

Jazz CEO Bruce Cozadd didn’t beat around the bush.

In his first video meeting with GW Pharma chief Justin Gover last July 8, he offered to pay $172 a share to get the company, which had beaten the odds in getting its remarkable cannabinoid drug Epidiolex across the regulatory finish line for epilepsy. GW’s stock closed at $129 that day.

Cozadd had already done his homework on the financing to make sure he could swing it the way he wanted. He just needed to do some due diligence before making the non-binding bid firm.

March 5, 2021 10:03 AM ESTUpdated 12:58 PM

Financing

UPDATED: Not 3 weeks after taking Humacyte public, Rajiv Shukla launches another blank check company

Max Gelman

Associate Editor

One of biotech’s earliest SPAC investors is back with another blank-check company, less than a month after his last effort announced its intent to merge.

Rajiv Shukla is intending to take a third lucky winner public with Alpha Healthcare Acquisition III, filing to go public Thursday with a $150 million raise penciled in. The move comes just a couple of weeks after Shukla’s second SPAC said it would jump to Nasdaq in tandem with Laura Niklason’s Humacyte in a $255 million new investment.

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March 5, 2021 07:32 AM ESTUpdated 12:12 PM

People

Financing

An Array co-founder re-emerges as CEO of a small academic spinout, looking to remake an old class of cancer drugs

Jason Mast

Editor

Tony Piscopio hadn’t worked as a bench scientist in years when, around 2011, he got put in touch with a team at the University of Colorado trying to revitalize an old approach to treating cancer.

Piscopio, who had co-founded Array Biopharma before heading to South Korea to launch a new company, was back in the states, unattached and intrigued. He founded a three-person company with two professors, Xuedong Liu and Gail Eckhardt, and while they worked on the biology side, he returned to his old chemist chair and began drawing up potential compounds on a computer, along with manufacturing processes to make them. Outsourcing companies synthesized or analyzed the results.

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March 5, 2021 06:33 AM ESTUpdated 07:25 AM

Deals

After three years of courtship (and turndowns), Merck pounced on the first glance of clinical data in $1.85B Pandion takeover

Amber Tong

Senior Editor

It’s almost become cliché for biotech executives to talk about the importance of keeping your options open and being prepared to go all the way. But when it comes to negotiating with a giant like Merck, a little patience can indeed go a long way.

Just ask Pandion Therapeutics.

Days ago we already learned that Merck is shelling out $1.85 billion to pick up the biotech and its slate of autoimmune hopefuls. What we didn’t know until the SEC disclosure dropped Thursday is that the deal comes after Pandion turned down two other proposals from Merck over the past three years and held out until the last minute for a sweetened deal.

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