Biotech Values

[DewDiligence]

AGN’s David Pyott has long been one of the highest paid executives in the drug/biotech industry. Pyott’s compensation package just got a little richer with this award of ~$14M of restricted stock, conditional on future stock-price performance relative to a peer group that has presumably been crafted in a way that makes the targeted goals relatively easy to achieve:

http://www.sec.gov/Archives/edgar/data/850693/000119312512040602/d294326d8k.htm

AGN has added an extraordinary amount of shareholder value during Pyott’s 14-year reign, and the stock is trading close to an all-time high. Still, this is the kind of award that has suggests an out-of-control BoD.