The $1M IPO bonus, de­cent pay and a nice eq­ui­ty stake to mark the up­side: How does Mark McKen­na's comp pack­age stack up in the Nas­daq rush?

Mark McKen­na raised a few eye­brows when he jumped from the CEO spot at Bausch sub Sal­ix to take charge of a low-pro­file biotech start­up called Prometheus Bio­sciences in the fall of 2019. At that point, he was al­ready be­ing talked up as a like­ly suc­ces­sor to Bausch CEO Joe Pa­pas. Why would an am­bi­tious young ex­ec make the flip to biotech?

We got some added in­sight on that score on Fri­day, as McKen­na’s biotech — for­mer­ly Pre­ci­sion IBD — fol­lowed up a whop­ping $130 mil­lion crossover round just a few months ago with the in­evitable S-1 fol­low that sketch­es in a $125 mil­lion for the prospec­tive raise. That’s a start­ing fig­ure that’s be­come a kind of thresh­old num­ber for biotechs start­ing the pub­lic phase of a shift to Nas­daq in a boom mar­ket.

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