MedImmune's chief executive David Mott (pic) will receive more than $145 million in cash when the biotechnology company's $15.6 billion buyout by British drug maker AstraZeneca is completed, according to a Securities and Exchange Commission filing Thursday.
James Young, the company's president of research and development, will make about $60 million. Wayne Hockmeyer, the board chairman who founded the company in 1988, will receive $59.7 million.
The figures include severance for the termination of the executive's employment agreements with MedImmune because of the change in control and millions of dollars to cover taxes they will have to pay. Mott and Young will take new posts with AstraZeneca, while Hockmeyer has said he is unsure if he will have a role after the deal closes.
Eight companies expressed interest, including AstraZeneca, which said in its own filing Thursday that it considered MedImmune as a possible acquisition since early 2006. AstraZeneca initially offered $50 per share, an amount that was boosted to the $58-per-share sale price during bidding that followed.
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James Young, the company's president of research and development, will make about $60 million. Wayne Hockmeyer, the board chairman who founded the company in 1988, will receive $59.7 million.
The figures include severance for the termination of the executive's employment agreements with MedImmune because of the change in control and millions of dollars to cover taxes they will have to pay. Mott and Young will take new posts with AstraZeneca, while Hockmeyer has said he is unsure if he will have a role after the deal closes.
Eight companies expressed interest, including AstraZeneca, which said in its own filing Thursday that it considered MedImmune as a possible acquisition since early 2006. AstraZeneca initially offered $50 per share, an amount that was boosted to the $58-per-share sale price during bidding that followed.
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