Receptos Inc. Chief Executive Officer Faheem Hasnain could get as much as $63 million if he’s terminated after the drugmaker is acquired by Celgene Corp.
The golden parachute would include $56 million in equity and a cash severance of about $1.6 million, according to San Diego-based Receptos’s proxy statement and data compiled by Bloomberg. The equity is valued at the $232-per-share offer price.
Celgene agreed to acquire Receptos for $7.2 billion to add experimental treatments for inflammatory bowel disease and multiple sclerosis. Hasnain also could be eligible for the payout if he resigns following a reduction in compensation or responsibilities, or a relocation of its principal office, according to the proxy.
Graham Cooper, Receptos’s chief financial officer and spokesman, didn’t immediately respond to messages seeking comment. Brian Gill, a spokesman for Celgene, said there has been “lots of discussion, not a lot of certainty” about Hasnain’s role after the deal.