Kåre Schultz, Teva CEO (Christopher Goodney/Bloomberg via Getty Images)

Te­va CEO Kåre Schultz sees a 35% raise de­spite the com­pa­ny's con­tin­ued le­gal woes

Amid a year where rev­enues were most­ly flat but law­suits con­tin­ued pil­ing up, Te­va CEO Kåre Schultz saw him­self get­ting a raise.

In share­hold­er doc­u­ments filed to the SEC on Wednes­day, Te­va re­vealed its ex­ec­u­tive com­pen­sa­tion pack­ages for 2020. Though his salary re­mained the same as each of the last two years, Schultz’s stock awards in­creased by about $4 mil­lion from 2019, ac­count­ing for al­most all of the ad­di­tion­al pay he re­ceived in his $15.7 mil­lion pack­age.

The new awards helped boost Schultz’s pay by near­ly 36% year over year, when he re­ceived $11.6 mil­lion in 2019. His 2020 pack­age is still a far cry from his first year steer­ing Te­va in 2018, how­ev­er, when a $20 mil­lion bonus helped him earn $32.5 mil­lion as the year’s high­est-earn­ing phar­ma ex­ec.

The main fac­tor at play in Schultz tak­ing home an­oth­er $4 mil­lion in stock op­tions oc­curred dur­ing a meet­ing where, ac­cord­ing to the Te­va doc­u­ments, share­hold­ers ap­proved sev­er­al changes to the CEO’s em­ploy­ment terms. High­light­ing Schultz’s ex­e­cu­tion of a two-year re­struc­tur­ing plan that cut costs by $3 bil­lion, the com­pa­ny added an­oth­er year on­to his con­tract and tacked on the ad­di­tion­al stock awards to bring it clos­er to Te­va com­peti­tors.

Schultz’s op­tions, in­creased from $6 mil­lion to $10 mil­lion, would con­tin­ue to be tied to per­for­mance met­rics set out be­fore each year. Te­va not­ed that Schultz earned all $10 mil­lion of the eq­ui­ty award this year, and he al­so pulled in all $6 mil­lion of the award in 2019.

Share­hold­ers al­so agreed to re­vise his re­tire­ment plan to al­low for con­tin­ued vest­ing of out­stand­ing eq­ui­ty grants, con­tin­gent on var­i­ous non-com­pete and con­fi­den­tial­i­ty claus­es.

The full break­down of Schultz’s pay pack­age: He re­ceived a to­tal of $15,724,518, start­ing with his $2 mil­lion base salary. His stock awards came in one din­ner en­tree (or a Cam­bridge, MA park­ing tick­et) short of $10 mil­lion, at $9,999,970. Fi­nal­ly, Schultz re­ceived $3,055,920 in non-eq­ui­ty in­cen­tive com­pen­sa­tion and $668,628 in “oth­er” com­pen­sa­tion, which in­clud­ed near­ly $90,000 for a com­pa­ny car and re­im­burse­ment of re­lat­ed au­to­mo­bile ex­pens­es.

Though Schultz has pulled Te­va out of its debt-rid­den de­cline of the mid-2010s, the gener­ic drug­mak­er con­tin­ues to be in­volved in law­suits span­ning al­le­ga­tions of il­lic­it opi­oid mar­ket­ing, price-fix­ing and a kick­back scheme that de­fraud­ed Medicare. The Is­raeli com­pa­ny was hit with three law­suits this past Au­gust on these top­ics, com­ing from New York, fed­er­al pros­e­cu­tors and the DoJ.

2020 al­so marked a flat year for rev­enues, with the to­tal down a slight 1% from the pre­vi­ous year. Te­va not­ed that the main rea­son for the de­cline was a de­crease in Co­pax­one sales and cer­tain res­pi­ra­to­ry prod­ucts, though it was off­set by high­er rev­enues from Auste­do and Ajovy.

How Pa­tients with Epilep­sy Ben­e­fit from Re­al-World Da­ta

Amanda Shields, Principal Data Scientist, Scientific Data Steward

Keith Wenzel, Senior Business Operations Director

Andy Wilson, Scientific Lead

Real-world data (RWD) has the potential to transform the drug development industry’s efforts to predict and treat seizures for patients with epilepsy. Anticipating or controlling an impending seizure can significantly increase quality of life for patients with epilepsy. However, because RWD is secondary data originally collected for other purposes, the challenge is selecting, harmonizing, and analyzing the data from multiple sources in a way that helps support patients.

Jason Kelly, Ginkgo Bioworks CEO (Kyle Grillot/Bloomberg via Getty Images)

UP­DAT­ED: Gink­go Bioworks re­sizes the de­f­i­n­i­tion of go­ing big in biotech, rais­ing $2.5B in a record SPAC deal that weighs in with a whop­ping $15B-plus val­u­a­tion

Ginkgo Bioworks execs always thought big. But today should redefine just how big an upstart biotech player can dream.

In the largest SPAC deal to clear the hurdles to Nasdaq, the biotech that envisioned everything from remaking synthetic meat to a whole new approach to developing drugs has joined forces with one of the biggest disruptors in biotech to slam the Richter scale on dealmaking.

Soon after becoming the darling of the VC crew and clearing the bar on a $4 billion valuation, Ginkgo — a synthetic biotech player out to reprogram cells with industrial efficiency — has now struck a deal to go public in the latest leviathan SPAC that sets its pre-money valuation at $15 billion. In one swift vault, Ginkgo will combine with Harry Sloan’s Soaring Eagle Acquisition Corp. and leap into the public markets.

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FDA un­veils six ICH guide­lines ahead of meet­ing with Health Cana­da

A sign that the FDA’s non-Covid-related processes are beginning to normalize: The release of six guidelines from the International Council of Harmonisation.

Years in development, the ICH documents offer an international perspective on drug development, with these latest guidelines covering everything from recommendations to support the classification of drug substances, featured in the M9 guidance, to standards for nonclinical safety studies for pediatric medicines in the S11 guideline.

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Sanofi, Glax­o­SmithK­line, Boehringer ac­cused of play­ing games, de­stroy­ing emails re­lat­ed to law­suit over con­t­a­m­i­nat­ed Zan­tac

A recent court filing raises new questions about how major pharma companies like Sanofi, GlaxoSmithKline, and Boehringer Ingelheim have dealt with a lawsuit related to recalls of certain over-the-counter heartburn drugs due to the presence of a potentially cancer-causing substance found in them.

More than 70,000 people who took Sanofi’s Zantac and other heartburn drugs containing ranitidine, which have been recalled over the past two years, have sued the manufacturers, including generic drugmakers, and other retailers and distributors as part of a consolidated suit before US District Court Judge Robin Rosenberg in Florida.

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Stephen Squinto, Gennao Bio CEO (Gennao)

Alex­ion co-founder Stephen Squin­to is back in the game as CEO, this time for a small gene ther­a­py play­er

With his name already behind a rare disease success story in Alexion, Stephen Squinto was looking for a great story to drive him to jump back into the biotech game. He found that in a fledging non-viral gene therapy company, and now he’s got a few backers on board as well.

On Tuesday, Gennao Bio launched with a $40 million Series A co-led by OrbiMed and Logos Capital with participation by Surveyor Capital. The biotech, which is looking to use its cell-penetrating antibody platform to deliver nucleic acid “payloads” during into the nucleus, had to rush for its initial series — and had a name change along the way.

Alvotech takes Ab­b­Vie to court over al­leged patent 'mine­field' sur­round­ing megablock­buster Hu­mi­ra

AbbVie has so far been successful in shooing away competition to its megablockbuster Humira, deploying a number of patents and settlements to keep biosimilars off the US market until 2023. But one Icelandic drugmaker doesn’t want to wait — and on Tuesday, it filed a lawsuit challenging what it called a patent “minefield.”

Alvotech has accused AbbVie of trying to “overwhelm” and “intimidate” it with “an outrageous number of patents of dubious validity,” according to court documents. The company is currently seeking approval for its Humira copycat AVT02, which AbbVie says would infringe upon 62 patents.

UP­DAT­ED: Feds charge an­oth­er CRO staffer with fak­ing da­ta in a Glax­o­SmithK­line pe­di­atric asth­ma study

A Florida woman has been indicted as part of a clinical trial fraud scheme over a GlaxoSmithKline pediatric asthma study, the Justice Department announced Tuesday, the latest development in a case where three individuals have already pleaded guilty.

Jessica Palacio was charged with participating in a plot to falsify medical records, giving off the appearance that trial participants were making their scheduled visits to a Miami CRO and taking an experimental asthma medication as required. Palacio was also charged with lying to FDA investigators about her conduct.

Sanofi, Cel­lec­tis team up to pair Lem­tra­da with al­lo­gene­ic CAR-Ts; Bris­tol My­ers joins Evotec's dri­ve to ad­vance UK sci­ence

Sanofi is partnering up with Cellectis on their allogeneic CAR-Ts.

Cellectis struck a deal to use the French pharma’s drug alemtuzumab (Lemtrada, an MS agent) as part of its lymphodepletion regimen — used to sideline host immune cells and improve CAR-T cell expansion and persistence.

The Sanofi drug is already used in some clinical trials, and now the pharma giant is on the hook for clinical studies as they engage in negotiations over a commercial pact. — John Carroll

Luisa Salter-Cid, Pioneering Medicines CSO (Credit: Bristol Myers Squibb via Twitter)

Luisa Salter-Cid joins long­time Bris­tol My­ers col­lab­o­ra­tor Paul Bion­di at Flag­ship's new drug brew­ery

Paul Biondi is gaining a familiar research chief at his corner of Flagship Pioneering.

The ambitious VC — famous for bold platform plays such as Moderna — said Luisa Salter-Cid is joining Pioneering Medicines as CSO, with the mandate of leveraging the platforms of various Flagship portfolio companies to conceive new treatments.

The two had crossed paths at Bristol Myers Squibb, where Biondi brought in a series of new drugs throughout his prolific business development stretch while Salter-Cid worked her way up the ladder to become head of immunology, small molecule immuno-oncology and genomics discovery.