Noven's Brandt Pockets $2.4M in Hisamitsu Buy, Just 15 Months Into the Job

(MoneyWatch)  Noven CEO Peter Brandt could receive a $2.4 million change-of-control payment in the acquisition of his company by Hisamitsu. (see page 38 of this document.) Brandt has only been Noven's CEO since April 2008. In that year, he earned a total of $2 million. A Noven press release says Brandt is leaving the company in the acquisition.

The acquisition brings to a close a controversial chapter in Noven's history. The company had two product recalls last year and was cited by the FDA for manufacturing problems in 2007. It had to pay Shire $4 million for manufacturing failures. Brandt and his team all got cash bonues for their 2008 performance despite those errors because revenue and net income went up. Noven was also involved in a joint venture with Procter & Gamble to develop a "Viagra for Women" product; that's category that has seen much failure and little success from other companies.

• Previously:
• Noven Execs Got Bonuses Despite 2 Product Recalls
• Study: P&G's Intrinsa Doesn't Work; Reflects Badly on Noven and Pharma Unit Sale
• Will P&G Pharma Auction End the Company's Pursuit of "Viagra for Women"?
• Noven and P&G Try "Viagra for Women" Despite History of Failure