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And don't miss Gillian Tan on excessive board pay: "For context, at close to $4.7 million, its director pay limit is more than triple that of Alphabet Inc. ($1.5 million) and more than six times that of Morgan Stanley ($750,000), two companies that dwarf Regeneron in size and returns. Shareholders are also arguably worse off because Regeneron has 13 directors, above the S&P 500's median board size of 11."
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Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.
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