Celgene, Bristol-Myers set $2.2 bln termination fee for their mega deal [Reuters]
CELGENE (CELG)
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Source: Reuters
Celgene, Bristol-Myers set $2.2 billion termination fee for their mega deal (Reuters) - Celgene Corp ( CELG.O BMY.N The deal, which is worth $95 billion including Celgene’s debt, is the largest pharmaceutical deal ever and brings together two of the world’s largest cancer drug businesses. Celgene’s top executives, including its chief executive officer and chief financial officer, are entitled to severance benefits if they resigned with good reason or are terminated without cause within two years of the deal closing, according to the filing with the U.S. securities regulator on Friday. The severance benefits include a cash severance payment equal to 2.5 times the officer's annual base salary and annual cash incentive opportunity, Celgene said here Celgene CEO Mark Alles will be eligible for a severance benefit that would be three times his annual salary and cash incentive opportunity. The company is yet to disclose his 2018 compensation. If the termination or resignation is not connect
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