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Japanese pharmaceutical giant Dainippon Sumitomo Pharma Co. has

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mlkrborn   Thursday, 10/22/09 01:16:52 PM
Re: surf1944 post# 19
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Japanese pharmaceutical giant Dainippon Sumitomo Pharma Co. has completed its $2.6 billion acquisition of Sepracor Inc., triggering change-in-control provisions at the local drug maker that could deliver roughly $11 million in pay and benefits to CEO Adrian Adams.

According to an April 3 regulatory filing by Marlborough, Mass.-Sepracor, Adams stands to receive a $5.6 million severance payment and another $302,892 to cover such personal expenditures as life insurance premiums, automobile expenses, a housing allowance and a medical-insurance opt-out payment. Another $4.2 million in restricted stock also is scheduled to vest, now that a change in control has occurred. The value of those vested shares is based on Dainippon Sumitomo Pharma’s $23-per-share acquisition price.

Adams also is set to receive $867,790 in tax gross-up payments to help cover the tax liabilities stemming from his change-in-control compensation.

The payment and stock-vesting only go into effect if Adams remains with the company after the change-in-control occurs. The deal officially closed Oct. 20.

Adams, who was 58 as of Sepracor’s April filing, has been the company’s CEO and president since 2007.


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