Biogen Idec CEO Mullen Calls It Quits
The Burrill Report submits: Biogen Idec (BIIB) CEO Jim Mullen will retire in June, after 20 eventful years spanning the 2003 merger of its namesakes, a remarkable rescue of the company's blockbuster multiple sclerosis drug Tysabri, and countless battles with billionaire investor Carl Icahn. The Cambridge biotechnology company has already begun a search for his successor. The move tails the departure of Biogen board chair Bruce Ross January 1 and follows a year in which Biogen faced mounting friction, including Facet Biotech's (FACT) repeated rebuffs of Biogen's unsolicited bids to acquire it in September and December. Last year was also made less pleasant for Mullen by Icahn's repeated calls for Biogen to be split up or sold and the election of two Icahn nominees to the company's board. Mullen will continue to draw paychecks for his $1.2 million base salary until June 8, not to mention 2009 and 2010 bonuses, plus a severance payment of three times his base salary and a further bonus if the company is sold before he retires. Mullen, 51, says he is proud of everything he and his colleagues have accomplished and that in 2010, the company boasts “a strong product portfolio, pipeline, global presence and financial profile.” Under Mullen's leadership, Biogen became a leader in the treatment of multiple sclerosis, even though the company has suffered setbacks as concern about a possible link between Tysabri and the potentially deadly brain infection known as PML has plagued it. In Biogen's January 4 announcement of Mullen's plans, the company's new chair William Young praised Mullen's role in bringing three blockbuster drugs to market and leaving the company with “a broad and deep pipeline that holds the promise of more great products in the future.”Complete Story »
- Original article
- Login or register to post comments
