Merck&#39;s Board Adopts Severance Plan for Top Officials
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Merck &amp; Co., seeking to keep managers from leaving after the withdrawal of its Vioxx painkiller, adopted a plan to give severance payments to more than 200 executives should control of the company change.
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SOME of the biggest companies in the drug industry are shivering under an avalanche of bad news. Merck has already been hit hard by the withdrawal of Vioxx, its arthritis drug.
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Merck &amp; Co. Inc. Chief Executive Officer Raymond Gilmartin and FDA officials have been called to testify before Congress on Nov. 18 over safety problems with the company&#39;s withdrawn
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Merck said Monday that its board had adopted a plan that would pay hefty severance packages to about 230 employees if the company were acquired or a proxy fight ended in the board being replaced.
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Drug maker Merck & Co. Inc. on  Tuesday said its board appointed a committee to review the  company's actions prior to the voluntary withdrawal of its  painkiller Vioxx.
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Merck &amp; Co. CEO Ray Gilmartin said the embattled drugmaker will &quot;absolutely survive&quot; the fallout caused by its decision to pull the arthritis drug Vioxx off the
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Merck&#39;s board of directors has formed a special committee and hired independent counsel to conduct a review of the US drugmaker&#39;s actions with Vioxx, a popular painkiller it withdrew because of increased heart risks.
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Raymond Gilmartin, chief executive of Merck, will testify before a Senate committee this week on the withdrawal of Vioxx, in spite of efforts by the drug company to send others in his place.
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Pharmaceutical giant Merck &amp; Co., under siege over revenues lost since it recalled arthritis drug Vioxx, will have cut about 5,100 jobs by year&#39;s end, 700 more than first planned, and will slash costs by $2.4 billion over four years, chairman and CEO
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Merck & Co. Inc. has adopted a severance benefits plan aimed at protecting key managers in the event the company is taken over -- a growing possibility since the withdrawal of arthritis drug Vioxx sent shares tumbling.
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Merck&#39;s (MRK:NYSE - news - research) withdrawn painkiller, Vioxx, could soon leave pharmacy benefit manager (PBM) Medco (MHS:NYSE - news - research) with its own headaches.
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With its stock plunging, drug giant Merck has adopted a plan that could give top executives big bonuses if the company is taken over.
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Merck &amp; Co.'s decision to pull its widely prescribed drug Vioxx off the shelves yesterday because of a risk of stroke and heart attacks marked a new low for a pharmaceutical company that has suffered a steady decline in both market position and prestige over the last decade.
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Just a few days after the official birth of Sanofi-Aventis, the world's third-biggest pharmaceuticals company, one of its board members has announced he is stepping down, a source close to the negotiations told AFP.
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Law &amp; Order: Pharmaceutical Unit. Merck (nyse: MRK - news - people ) Chief Executive Raymond V. Gilmartin may testify in some of the many lawsuits filed over the Vioxx recall, a company lawyer said.
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Merck &amp; Co. Inc. has been in crisis since Sept. 30, when the company pulled its prescription painkiller Vioxx off the market after a study confirmed the drug increased the risk of heart attack and stroke. Merck chief Raymond Gilmar tin is grappling with multiple product-liability and shareholder lawsuits. Scheduled to retire in April 2006 under a plan in place ...
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The announcement comes on the eve of a three-day FDA meeting called to discuss the safety of painkillers like Merck &#38; Co.