Wow...not bad for being at the helm of a company for 20 years, not generating a single cent in profit and leaving with enough money to last 3 generations. Who said the bonus to AIG executives was unfair? If people only knew of the gross incompetence of this man, they would wonder why he was not removed earlier.
Jeremy I agree with you totally. I've stated
in many posts that VRTX was burning to much
cash. The decision by the BOD to oust Boger
was most prudent and necessary. The results
announced over the weekend at the conference
by VRTX were outstanding. That coupled with
modest results by SGP and major side affects
due to anemia are very positive for TVR. The
past blunders of Vertex now appear to be a
thing of the past as they continue to be
first in class on almost all fronts. I say
almost because nothing in Biotech is a sure
bet. My sentiment is still a Strong Buy and
I believe we will see VRTX come out of the
gate on a major uptick after a lackluster
few months. Institutions were buying stocks
that were pummeled to bargain basement prices. VRTX will be on their shopping list
again sooner than later. IMHO
Of course Vertex did not "give away" the rights to worldwide sales of telaprevir. Vertex has exclusive North American rights to sales i.e. the most lucrative market. In return for rights to sell telaprevir in Europe the Middle East/Africa and South America, the cost to J&J will be 50% of the total clinical developemnt costs of telaprevir plus over a half a billion dollars to Vertex in milestone payments until regulatory approval, and "mid-twenties" percent of world wide sales as licensing fees to Vertex for the entire lifecycle of the drug. JNJ will also pay for the marketing and drug production costs for it's share of the world wide market as well. This is a huge beneift to Vertx as a company, since it gets the milestone payments, high future licensing fees, and half the cost of devleopment covered by JNJ (as well as the costs of foreign regulatory NDA filings, and the huge costs to establish a worldwide marketing and sales program that Jannsenn/JNJ already has in place.) Analysts felt this was an excellent deal for Vertex.
"expedited FDA approval and subsequent worldwide marketing of telaprevir" You forget, they have given away much of the worldwide rights to sell
telaprevir...Perhaps it would have been better if J&J just gave the money directly yo Boger!
I would suggest not worrying about Vertex executive's compensation, and their egos, and start focusing on the need for urging expedited FDA approval and subsequent worldwide marketing of telaprevir for use in most all hep C sub-populations, i.e. all genotypes, both treatment naive, and prior IFN based treatment failures, possibly in HIV co-infected patients (and hopefully it's eventual use in a twice a day, all oral combination treatment regimen with one of the newly acquired polymerase inhibitors from Virochem).
Tens of thousands of lives hang in the balance each year, as patients wait for regulatory approval of telaprevir. Hepatitis C patients and support groups need to write or e-mail the FDA and the White House, and the members of Congress who sit on Sub-committees with FDA oversight to urge expedited review of telaprevir to save lives, particulary those who have failed prior SOC therapy. Their life expectancy (in over 40% of this group of patients) is less than seven years, if not curatively treated. There is no other proven effective treatment to date, that can offer a cure rate of over 50% for this most needy and depsarate group of hep C patients. A six month course of telaprevir based treatment will not only save lives, but also save overall health care costs that would otherwise be spent on the care of these patients after they would have otherwise developed end-stage liver disease or liver cancer. A democratic White House and Congress, interested in expanding cost-effective health care to the needy, would likely be receptive to expediting FDA review of a potentially life saving treatment like telaprevir, that in the long run actually saves health care costs, when used to treat an otherwise fatal disease that affects millions of U.S. citizens.
RTFA..when you get a chance to pull your nose out from between Boger's cheeks, please read my name correctly..it says 'vertexemployee' NOT 'exvertexemployee'. Where you got the idea that I may have been fired by Vertex and therefore have a vandetta, is beyond me. The difference between Boger and me is that I will be at Vertex when Telaprevir is launched; Boger will not. Trust me when I say this...I AM A VERTEX LONG. I just don't think Boger, Peter Muller etc are effective executives. A criticism of them should not be taken as a criticism of the company. I pray to God that you are not a scientist because of your sheer inability to comprehend things, you are in the company of idiots like Muller. I really hope Emmens turns this company around because like I had said before, Telaprevir is where it is today because of some very talented and smart scientists at Vertex who plugged on despite senior management's lack of support. Telaprevir happened despite Boger and company; not because of them. Ohh yeah, it did not stop those idiots from jumping on the bandwagon once it was successful. The fact that Boger is being removed THIS close to the launch of telaprevir should tell you something. Ohh wait, I forgot, you are incapable of understanding things because you are too busy looking up to see what Boger had for dinner last night. Despite being a 50+ male, your schoolgirlish crush on Bogus (I am sorry, I should have said Dr. Boger) is laughable.
Regarding bizz's question about what have I done lately; I have done more for telaprevir than you will ever know. But this is not about me because along with me, there were plenty of other people toiling away. This is about Boger breaking the bank.
I'll take all you've said at face value.
I've always been curious why there hasn't been a louder chorus from either employees at Vertex or Telepravir study recipients.....
a couple of questions....the rash thing...in control?....what's the "inside" scuttlebut on timing of events....nda, early nda for nons, etc.
Bizz said "The guy's kept hundreds, if not thousands of people employed and well-payed for about 18 years. What have you done lately? "
So did Ken Lay and Skillings at Enron. In fact, they kept more people employed for a longer period of time. Does not mean they were good executives.