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

Last Updated Jul 15, 2009 2:39 PM EDT

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.