NEW YORK (GenomeWeb News) – Life Technologies Chairman and CEO Greg Lucier could see a $38.1 million payday upon completion of Thermo Fisher Scientific's acquisition of the company, Life Tech said in its definitive proxy statement.
Similarly, other executives at the company could see large financial gains from the $13.6 billion deal announced in April.
According to the document, Lucier could receive nearly $6.6 million in cash if the deal is completed by Jan. 13, 2014. Shareholders will be able to vote on the compensation package to Lucier, as well as to other Life Tech executives, but the company said that shareholder approval is only advisory in nature, and it is contractually obligated to pay the compensation subject to certain conditions associated with the completion of the deal.
In addition to the cash payout, Lucier's compensation package includes potential equity of $26.2 million; pension/non-qualified deferred compensation of $588,016; perquisites/benefits of $200,277; and other compensation of $4.5 million.
The other executive officers at the Carlsbad, Calif.-based firm similarly stand to benefit significantly from the Thermo Fisher acquisition. President and COO Mark Stevenson could receive $22.0 million in total compensation; President of Genetic and Medical Sciences Ronald Andrews could receive $8.8 million; CFO David Hoffmeister is in line to receive up to $9.7 million; and SVP of Global Human Resources Peter Leddy's compensation could total $6.8 million.
Life Tech also said that it is paying about $55 million in total to two investment banks it hired to advise it on its strategic review in advance of the Thermo Fisher deal. Deutsche Bank will receive an estimated $30 million, while Moelis & Co. will receive $25 million.