BiPar Sciences president and CEO Dr. Hoyoung Huh has joined the board of California-base Facet Biotech, the drug maker facing down a hostile bid from Biogen Idec. Huh, whose term expires at Facet’s 2010 annual shareholder meeting, was also appointed to the board’s audit and compensation committees, reported the San Francisco Business Times. Facet said Tuesday it had rejected a $355 million bid from Biogen Idec, calling the offer too low. It also adopted a poison pill plan, designed to stall a hostile takeover or make the move more expensive. Facet is focused on cancer drugs and, with Biogen Idec, the multiple sclerosis drug daclizumab. Huh has led BiPar, the Brisbane cancer drug developer purchased in April by Sanofi-Aventis, since March 2008. He previously was COO of Nektar Therapeutics. Huh, like Facet’s other outside directors, receives a retainer of $35,000 per year. He also will receive $7,500 a year for serving on the audit committee, $6,000 annually for the compensation committee, $2,000 for each attended board meeting, $1,000 for each attended committee meeting and reimbursement for travel expenses for board and committee meetings. He also will receive 8,333 shares of restricted common stock, vesting on Sept. 5, 2010, and an option to buy 16,667 shares of common stock. Those options vest monthly beginning Oct. 5, 2009.
BiPar CEO Huh Appointed to Facet Biotech’s Board
Huh, whose term expires at Facet’s 2010 annual shareholder meeting, was also appointed to the board’s audit and compensation committees.
September 10, 2009