In a year when several of his peers won big payoffs for one extraordinary reason or another, Amgen CEO Robert Bradway earned just about as much as he had the previous year, give or take a few hundred thousand. Small comfort--though some comfort, perhaps--to the thousands of employees facing job cuts as Amgen prepares for biosimilar competition to its top-selling meds.
Long dominated by global behemoths like Johnson & Johnson and Pfizer, this executive-pay ranking now includes almost as many biotechs as pharma companies.
Amgen CEO Robert Bradway nabbed Onyx Pharmaceuticals for $10.4 billion last summer, but that wasn't enough to net him the kind of deal-related bonus some of his peers enjoy. But his take-home increased over last year's haul, which was enough to score him 13th place on the list of biopharma's highest-paid chiefs.
Under CEO Robert Bradway, Amgen made an Asian expansion one of its top priorities this year, and it's followed through with a decision to set up a new research center in Shanghai.
Amgen struck the deal of the summer last month with the $125-per-share buyout of Onyx Pharmaceuticals, and a regulatory document today reports the back-and-forth between the two companies and other parties.
Now that the ink is dry on Amgen's $10.4 billion deal for Onyx Pharmaceuticals, the price assessments are rolling in. Consensus? It's a good thing Amgen has an ex-investment banker for a CEO--because Robert Bradway negotiated a bargain.
Amgen was the first company to make it to the auction block for Onyx Pharmaceuticals. And in the end, it was the only serious bidder left at the table.
As sources tell Bloomberg, the companies have been stalled in their talks over Amgen's proposed $130-per-share acquisition of Onyx because Amgen wants data from an ongoing trial for European approval of the blood-cancer drug Kyprolis.
It's a great time to helm a large biotech company, generally. Big biotech players overall posted major growth last year, and their CEOs got richer in the process. Most got fat raises while others saw their bundles of pay pale in comparison to 2011 figures. We surveyed the total compensation packages of the 10 largest biotech companies based on market capitalization as of early May, sleuthing mostly proxy statements for the financial details on pay for some of the most powerful people in the industry. Check it out >>
Amgen's new CEO scored a big raise when he was promoted last year. Robert Bradway took over from ex-chief Kevin Sharer at the end of May, and by year's end, he had racked up $13.57 million in compensation for the year, almost twice what he made in 2011 as president and COO. And his predecessor's pay dropped by half, knocking him off our list of highest-paid biopharma executives.