Michael Bonney

From Infogalactic: the planetary knowledge core
Jump to: navigation, search

Lua error in Module:Infobox at line 235: malformed pattern (missing ']').

Michael "Mike" Weston Bonney is an American businessman, and pharmaceutical executive who is currently the Director of Celgene Limited and a Partner at Third Rock Ventures, LLC. He was the President and Chief Executive Officer of Cubist Pharmaceuticals, from 2003 until his retirement in 2014.[1] Previous to his appointment as President he served as Cubist's Chief Operating Officer and Vice-President for Sales and Marketing at Biogen.[1] Bonney has served and chaired numerous Board of Directors such as, Alnylam Pharmaceuticals,[1] Celgene Corporation,[1] and Whitehead Institute.[1] He is currently the Chairman of the Board of Trustees of his alma mater Bates College.[2] His launch of the I.V. antibiotic, Cubicin, received media attention for being most profitable launch of an antibiotic in the history of the United States.[3]

Early life and education

Bonney graduated from Bates College in Lewiston, Maine with Artium Baccalaureus (A.B.) degree in Economics in 1980.[2]

Business career

Early career

Bonney began his formal business career after graduating from Bates in 1984 in small pharmaceutical startups, before leaving the companies in various sales management positions. In 1995, he joined Biogen, Inc, where he rose through management positions to Vice President of Sales and Marketing, a position he held from 1999 to 2001. After his sales surpassed the target goals, and outpaced the company's trajectory he was appointed the Chief Operating Officer of TerraGen, a position he held for one year before leaving for a larger pharmaceutical company, Biogen.

At Biogen, "he built the commercial infrastructure for the launch of Avonex, an injectable biologic therapy for the treatment of multiple sclerosis. He held various positions in sales, marketing and strategic planning at Zeneca Pharmaceuticals, ending his eleven-year career and served as its National Business Director."[3] His launch of Avonex, was one of the most successful drugs in biotechnology history, having sold well over market projections.[4]

Cubist pharmaceuticals

Bonney served as the Chief Operating Officer of the company from January 2002 to June 2003.[3] In many media profiles, his first days at Cubist received mixed profit levels and failed to reach the same financial success as his work at Biogen. His first attempt at a launch failed with its first produce not passing the primary clinical trial. Cubist's stock decreased at a considerable rate which forced the company to make market rearrangements.

His second attempt, Cubicin, was a commercial success. His launch of the I.V. antibiotic, received media attention for being most profitable launch of an antibiotic in the history of the United States.[3] In May 2009, Bonney and his company was named the best company and best CEO in Massachusetts, respectively.[5]

In later 2010, over all sales for the drug hit near $625 million. The drug quickly gained the approval of the Food and Drug Administration and generates over $1 billion in sales annually.[6]

As chief executive

Bonney was awarded the MASSBio Innovative Leadership Award in 2010.[3] In April 2010, his alma mater's president, Elaine Hansen, commented on the achievement: “He demonstrates three of the most important and interrelated capacities that a rigorous liberal arts education promotes: seeing around corners, building bridges and embracing contradictions and conflicts with generosity.”[7]

Shortly after his award, Cubist appeared on Fortune 2010’s List of fastest growing companies, and was named to the 2010 Deloitte Technology Fast 500.[8]

In 2011, in an interview with New England Cable Network’s business show CEO Corner, he outlined his development philosophy.

“Let’s separate out discovery from development, on the development side, absolutely it helps [to have successfully developed a drug]. We understand how to interact with regulators and what they want to see from an new antibiotic that has activity against resistant bacteria. On the discovery side, you’re talking about an incredibly complex set of problems that you have to deal with. I’m not sure that having one success means you will have a string of them. We have expertise, so we increase the odds, but finding new antibiotics, keeping ahead of the bacteria, is really hard work.”[9]

In January 2012, Bonney was profiled by Market Watch in a piece entitled, "Nothing bugs Cubist CEO Michael Bonney", which outlined his contributions to the company from its start with mixed results followed by his turning it around into "a $2.5 billion rising star."[4] His launch of the I.V. antibiotic, Cubicin, received media attention for being most profitable launch of an antibiotic in the history of the United States.[3] In July 2013, he agreed, along with his leadership team to purchase Trius Therapeutics and Optimer Pharmaceuticals for around $1.6 billion.[10]

Bonney received a total annual compensation as CEO of $6.6 million;[11] $750,000 as base salary, $840,000 as bonuses, $2,499,998 in stock options, $2,499,998 in awarded stock, and $16,953 in other compensation.[12]

As chairman

In 2014, succeeding Michael Bonney as President, Robert J. Perez, was announced to take leadership on January 1, 2015.[13][14] In January 2015, Cubist Pharmaceuticals was sold to Merck & Co, for a total of $9.5 billion.[15] Bonney left the company as CEO tracked to reach $2 billion in sales and to expand the revenue stream of its flagship drug Cubicin.[10] He left the company with an estimated $30,364,448 in accumulated compensation.[16]

Consultancy

Bonney joined Boston-based company Third Rock Ventures as a Partner in early 2015.[17] His position encompasses guiding start up companies to financial viability and encourage marketplace completion in the field of biomedicine.[18] He gave angel funds to a start up called X4 Pharmaceuticals in late 2014.[19]

Bates College

<templatestyles src="Module:Hatnote/styles.css"></templatestyles>

See also: Lane Hall

Bonney was elected in 2002 to his alma mater's Board of Trustees, and in 2010 was named Chairman of the Board of Trustees of Bates College.[20]

In 2016, Bonney along with his wife, Alison, gave the college a total of $10 million the largest donation by a single party in the history of the college.[21][22] The two served on their 10th Reunion Gift Committee and are frequently the Chairs of the Parents Fund.[23]

Directorship

Upon his retirement Bonney was appointed to numerous boards including NPS Pharmaceuticals, Inc. in which he served as Director from January 2005 to February 21, 2015. He served as a Director of TerraGen Discovery, Inc. since June 11, 2003.[3] He also served as a Member of Biogen's clinical development review board "for the development of natalizumab for treating multiple sclerosis, Crohn's disease, and rheumatoid arthritis."[3]

He was appointed the Chairman of the Board of Alnylam Pharmaceuticals, Inc in December 2015.[3] His chairmanship at Alnylam was coupled with a total compensation of $110,000 in base pay, $112,160 in awarded stock, and $1,580,877 in stock options; overall he has sold $12,486,091 in awarded stocks in the company.[24]

He was elected in 2002 to his alma mater's Board of Trustees, and in 2010 was named Chairman of the Board of Trustees of Bates College.[20]

Board membership

Bonney is an active member of numerous boards in various industries such as business, and academia.

Personal life

Bonney is married to Allison Grott Bonney.[25] The two gave $10 million to Bates College, the largest donation by a single party in the history of the college.[21][22]

Awards and honors

References

<templatestyles src="Reflist/styles.css" />

Cite error: Invalid <references> tag; parameter "group" is allowed only.

Use <references />, or <references group="..." />
  1. ↑ 1.0 1.1 1.2 1.3 1.4 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 3.13 3.14 3.15 3.16 3.17 3.18 3.19 Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ 5.0 5.1 Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ 7.0 7.1 Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ 10.0 10.1 Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ 20.0 20.1 Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ 21.0 21.1 Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ 22.0 22.1 Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
Retrieved from "https://infogalactic.com/w/index.php?title=Michael_Bonney&oldid=723060363"