Biogen Idec CEO rewarded for company’s success

George Scangos, CEO of Biogen Idec, earned $11.3m in 2011 – reflecting the US biotech company’s runaway success.

Partnerships with big pharma companies such as Genentech, UCB and Isis Pharmaceuticals, as well as many smaller biotech firms, have helped Biogen Idec reach an all-time share value peak of $127.57.

Since taking over as CEO in June 2010, Scangos has restructured the company and reduced its R&D costs while realising the commercial potential of biologics such as Tysabri (for MS) and Rituxan (for non-Hodgkin’s lymphoma).

Scangos’ $11.3m pay package for 2011 includes $1.2m in salary, a $2.7m bonus and $4.4m from the vesting of stock options.

Other members of Biogen’s executive board were also rewarded: Francesco Granata, former head of commercial operations, earned $624,000 in salary plus a $373,200 bonus; Steven Holtzman, head of corporate development, earned $600,000 and a bonus of $392,040; and Doug Williams, head of R&D, earned $630,000 and a $456,221 bonus.

The world’s oldest biotech company, based in Biogen Idec started as Biogen in 1978 and merged with Idec (which had formed in 1991) in 2003.