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Henri Termeer, the CEO of Genzyme Corp. sold $10 million in shares at $50.47 on November 23. On the same day, he exercised 200,000 options at $26.50 per share.
The move was a result of an automatic sale, which is often set up by top executives to avoid the appearance of timing the sale to company events.
Genzyme has hit several key stumbling blocks over the past year, including the June closure of the company’s Allston-based manufacturing plant after the discovery of a virus. The company has also suffered regulatory setbacks, including FDA rejections of its drug for Pompe disease, Lumizyme, and the drug Clolar for an additional indication for leukemia. The company reported last month that foreign materials, including steel and rubber, were found in samples of five of its drugs.
The company announced Tuesday that it would begin new shipments of two drugs from the Allston plant, Cerezyme for Gaucher disease and Fabrazyme for Fabry disease. But the company said the production levels for Fabrazyme were lower than the company had expected. There is a shortage of both drugs due to the plant shutdown.
Henri Termeer has received over $79 million in total compensation over the past five years, according to Forbes magazine.
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