Shire CEO to Get $10M to Stay on Post-Takeover

Jul 23, 2014

Following U.S. drugmaker AbbVie's impending $54.7 billion acquistion of Dublin-based Shire, Shire chief executive Flemming Ornskov will receive just under $10 million to lead Shire's integration with AbbVie.

Ornskov, who has lead Shire's leadership in the development and marketing of orphan drugs for genetic diseases, has also agreed to oversee the creation of a rare disease business unit within the combined company.

Ornskov fought off four earlier bids for Shire throughout the month of July until AbbVie raised its bid to $54.7 billion. The merger has met with political resistance due to AbbVie's plans to shift its tax residence to the UK following the merger with Shire.

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