Another chief executive jumps onto our list of $10 million-plus men. Genzyme chief Henri Termeer took down total compensation of $13.7 million last year, according to SEC documents (via the Boston Business Journal).
Termeer got a base salary of $1.6 million, plus $7.8 million in options and $2.3 million in stock. His cash incentive comp? Almost $2 million.
As you know, Genzyme turns out specialty biotech meds for rare disorders such as Pompe disease and Gaucher's disease. Its production of Myozyme, the Pompe remedy, has run into some snags as the FDA declared that the company would have to submit a separate app for large-scale production of the drug. The large-batch version was dubbed Lumizyme. Just last week Genzyme got a "complete response letter" from the FDA asking for a postapproval verification study of Lumizyme, plus a risk-management plan, as conditions for approval.
- see the Business Journal story