Biogen Idec Inc. : Biogen CEO's Total Compensation Up 20% To $11.3M Last Year
03/26/2012| 02:59pm US/Eastern
By Jon Kamp
Biogen Idec Inc.'s (BIIB) Chief Executive George Scangos saw the total value of his compensation rise 20% to $11.3 million in his first full year leading the biotechnology company, which recently was trading around an all-time high.
The shares have been helped by successful trial data for BG-12, a potential oral treatment for multiple sclerosis for which Biogen recently filed European and U.S. applications.
Scangos joined Biogen in mid-2010 and led the company through a sweeping restructuring that included cutting costs and several research and development programs.
Scangos's base salary more than doubled to $1.2 million in 2011, reflecting a full year on the job. The CEO also received a $2.7 million bonus, among other elements of his overall compensation.
Additionally, Scangos realized $4.4 million on the vesting of previously issued stock awards. Biogen disclosed details on executives' pay in a proxy filing Monday with the Securities and Exchange Commission.
Shares of the Weston, Mass., company recently traded up 3% to $124.60, near a high set Monday of $124.90, and have risen more than 13% this year.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728; firstname.lastname@example.org