If the merger of Pfizer's off-patent drug unit and Mylan is approved, Mylan CEO Heather Bresch could earn more than $37.6 million in severance and vested benefits, according to The Pittsburgh Post Gazette.
Under the terms of her contract described in Securities and Exchange Commission filings, Ms. Bresch is eligible to get severance equal to three times her $1.3 million base salary and the highest bonus she has ever received. This amounts to $18.6 million in cash. Additionally, she will pick up vested benefits, which are estimated at $19 million.
Ms. Bresch's decision to leave the company was made public July 29 as part of the announcement that Mylan would merge with Pfizer's Upjohn unit to create a generic medication powerhouse.
"After much reflection and nearly 28 years of service, I believe that this historic milestone in Mylan’s amazing journey is also the right time for me to retire from Mylan and pursue a new chapter in my career," Ms. Bresch said in a news release from the company.
According to The Pittsburgh Post Gazette, Ms. Bresch and four other top executives may walk away from the deal with $93 million in compensation.