Genentech's $379M retention plan
California, USA-based firm Genentech is to pay its employees $371.0 million in bonuses to retain their services in advance of a possible takeover by Swiss drug major Roche.
The company says it will offer the retention plan to virtually all of its 10,700 employees, and chief executive Arthur Levinson will be offered $8.7 million.
The bonuses replace 2008 stock option grants. The firm says the payments will cost around $0.22 per share over three years, whereas the stock options would have cost $0.23 per share over six years.
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