Celgene CEO to Exit With $40 Million If He Leaves After Bristol Takeover
Celgene CEO to Exit With $40 Million If He Leaves After Bristol Takeover
(Bloomberg) -- Celgene Corp. Chief Executive Officer Mark Alles will collect about $40 million if he leaves the company after his firm is acquired by Bristol-Myers Squibb Co.
Alles owns about $20 million of Celgene stock and holds equity awards, including stock options and restricted shares, valued at roughly $17 million at the $102.43 offer price, according to data compiled by Bloomberg. If he exits within two years after the deal is completed, the firm will accelerate those awards and pay about $3.18 million in severance. The figure includes options that already vested and excludes stock grants tied to performance goals.
Bristol-Myers CEO Giovanni Caforio will lead the combined company, according to a statement Thursday.
Alles joined Summit, New Jersey-based Celgene in 2004 and was named CEO 12 years later. He succeeded Bob Hugin, a Republican who ran unsuccessfully for U.S. Senate last year. Prior to the election, Celgene’s routine drug price hikes under Hugin’s tenure were the subject of attack ads by his opponent, incumbent Democrat Bob Menendez.
To contact the reporters on this story: Anders Melin in New York at amelin3@bloomberg.net;Rebecca Spalding in Boston at rspalding@bloomberg.net
To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Peter Eichenbaum, Steven Crabill
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