Malvern-based Endo has approved $3.5 million in retention bonuses for its key executives as it works toward a merger with global specialty pharmaceutical firm Mallinckrodt, writes John George for the Philadelphia Business Journal.
Endo entered into a merger agreement with Mallinckrodt last month in a cash-and-stock deal valuing the combined entity at $6.7 billion.
The cash retention bonuses were approved by the Compensation and Human Capital Committee of Endo’s board of directors on April 1, with the goal of incentivizing four of its executive officers to remain with the company through the merger.
Scott Hirsch, Endo’s interim CEO, is eligible for a $1 million bonus. Mark Bradley, executive vice president and CFO, is eligible for $1.09 million, followed by Matthew J. Maletta, executive vice president, chief legal officer, and secretary, at $740,000, and Patrick A. Barry, executive vice president and president of global commercial operations, at $690,000.
To continue providing consistency for its patients and customers through the merger, “Endo’s board identified certain critical personnel at various levels in the organization, and as is customary in similar circumstances, approved retention payments contingent upon specific timelines and performance milestones,” said the company.
Read more about Endo’s retention bonuses for executives and its merger in the Philadelphia Business Journal.
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