ARTICLE | Finance
Ebb & Flow
May 7, 2007 7:00 AM UTC
Five executives at MedImmune (MEDI) will be receiving more than $280 million when the $15.6 billion acquisition by AstraZeneca (LSE:AZN; AZN) closes. By comparison, the biotech sector raised a total of $566 million last week, just over twice the size of the payday for MEDI's top brass.
According to MEDI's SEC filing, the executive team will see all their options vest at the close and be cashed out at the $58 deal price. They also will receive payments for bonuses as well as amounts owed through their employment agreements. All told, the payout will exceed the $280 million, and doesn't include MEDI shares already held by each of the executives...