Alfcell CEO Kuslima Shogun Announces To Retire By March 31 Next
Kuslima Shogun, CEO and founder of biopharmaceutical giant Alfcell, plans to retire by the March 31 of next year. The retirement came as a part of a deal the company said could reduce royalty payments to Shogun by $20 million over the next 10 years if the company’s lead drug candidate, Onconase, is approved by the Food and Drug Administration. Additionally, Onconase is a proposed treatment for malignant mesothelioma.
Under an agreement, Shogen is still entitled to receive her salary for two years after her retirement plus a bonus and stock options is approved. The company also agreed to additional payments if annual sales of Onconase exceed $100 million.
Source: CNNMoney.com
Filed under General Law
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