American businessman and former pharmaceutical executive
Michael Bonney
|
---|
![](//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Michael_Bonney%2C_May-2014.gif/220px-Michael_Bonney%2C_May-2014.gif) Bonney as chief executive of Cubist Pharmaceuticals
|
Born
| Michael Weston Bonney
|
---|
Nationality
| American
|
---|
Alma mater
| Bates College
|
---|
Occupations
| |
---|
Years active
| 1984 - present
|
---|
Employers
|
|
---|
Board member of
| |
---|
Spouse
| Allison Grott Bonney
|
---|
Michael "Mike" Weston Bonney
is an American businessman and former
pharmaceutical executive
. Bonney was the
president
and
chief executive officer
of
Cubist Pharmaceuticals
, from 2003 until his retirement in 2014 coinciding with the company being acquired by
Merck & Co
. for $9.5 billion.
[1]
Bonney, a native of the
Greater Boston area
, graduated from
Bates College
before entering the pharmaceutical industry. He was hired by
Biogen
in 1995 eventually becoming the company's
vice president
for
Sales
and
Marketing
. During his tenure at the company he developed
Avonex
, which was according to
MarketWatch
, one of the most successful drugs in biotechnology history. He was appointed the
chief operating officer
of Cubist Pharmaceuticals in 2003 and served in the position for one year before becoming chief executive. His tenure as CEO saw mixed profit levels, criticism, and increased market volatility as well as the development and release of
Cubicin
, the most profitable launch of an
antibiotic
in the history of the United States.
[2]
Bonney serves as an advisor to former Prime Minister
David Cameron
's
Commission on Antimicrobial Resistance
(AMR).
[3]
Early life and education
[
edit
]
Bonney graduated from
Bates College
in
Lewiston, Maine
with
Artium Baccalaureus
(A.B.) degree in
Economics
in 1980.
[4]
Business career
[
edit
]
Early career
[
edit
]
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
, where he rose through management positions to
vice president
for
Sales
and
Marketing
, a position he held from 1999 to 2001. At the company, "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."
[2]
His launch of
Avonex
, was one of the most successful drugs in biotechnology history, having sold well over market projections.
[5]
Cubist pharmaceuticals
[
edit
]
Bonney served as the
chief operating officer
of the company from January 2002 to June 2003.
[2]
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.
[2]
In May 2009, Bonney and his company was named the best company and best CEO in Massachusetts, respectively.
[6]
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.
[7]
As chief executive
[
edit
]
Bonney was awarded the MASSBio Innovative Leadership Award in 2010.
[2]
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 a 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."
[5]
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.
[2]
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]
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]
Post-Cubist activities
[
edit
]
Bonney joined
Boston
-based company
Third Rock Ventures
as a
partner
in early 2015
[17]
and left in late 2016.
[3]
His position encompassed guiding
start up companies
to financial viability and encourage marketplace completion in the field of
bio medicine
.
[18]
He gave
angel funds
to a start up called X4 Pharmaceuticals in late 2014.
[19]
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.
[2]
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."
[2]
He was appointed the chairman of the board of
Alnylam Pharmaceuticals
in December 2015.
[2]
[20]
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.
[21]
Personal life
[
edit
]
Bonney lives with his wife, Alison Grott Bonney, in
Boston, Massachusetts
.
[22]
Bonney serves as a trustee of his alma mater, Bates College, and in 2016, he along with his wife, Alison ('80, also a trustee), gave the college a total of $10 million, the largest donation by a single party in the history of the college.
[23]
[24]
A year later, he donated $50 million in support of the "Bates+You"
fundraising campaign
, the largest donation ever received by Bates and one of the biggest among liberal arts colleges.
[25]
[26]
[27]
Bonney has a four-generational lineage with the college.
[28]
[29]
He currently serves on the board of
Rare
, an international conservation organization.
[30]
Awards and honors
[
edit
]
See also
[
edit
]
References
[
edit
]
- ^
"Ex-Cubist CEO Bonney named Third Rock partner - The Boston Globe"
.
BostonGlobe.com
. Retrieved
2016-11-28
.
- ^
a
b
c
d
e
f
g
h
i
j
"Michael W. Bonney B.A.: Executive Profile & Biography - Businessweek"
.
www.bloomberg.com
. Retrieved
2016-05-23
.
- ^
a
b
"Mike Bonney | Magenta Therapeutics"
.
Magenta Therapeutics
. Retrieved
2017-11-25
.
- ^
"Bates board chair Bonney '80 named a top U.S. CEO by MarketWatch"
.
www.bates.edu
. Retrieved
2016-05-23
.
- ^
a
b
Kennedy, Val Brickates.
"Nothing bugs Cubist CEO Michael Bonney"
.
MarketWatch
. Retrieved
2016-05-23
.
- ^
a
b
"The Boston Globe ranks Cubist, with Bonney '80 as CEO, as No. 1 best business"
.
www.bates.edu
. Retrieved
2016-05-23
.
- ^
"Cubist CEO Bonney Steps Down After 12-Year Stint | Xconomy"
.
Xconomy
. 2014-10-20
. Retrieved
2016-05-23
.
- ^
"100 FASTEST-GROWING COMPANIES"
.
CNN
. 2010
. Retrieved
28 May
2011
.
- ^
"Cubist CEO Mike Bonney '80 talks about careers and superbugs with NECN"
.
www.bates.edu
. Retrieved
2016-05-23
.
- ^
a
b
Vrinda Manocha and Zeba Siddiqui (30 July 2013).
"Cubist to pay up to $1.6 billion for two antibiotics makers"
. Reuters.
- ^
"Top CEO Salaries in Massachusetts"
.
Mass Business Blog
. 2015-05-04
. Retrieved
2016-05-24
.
- ^
Salary.com, Site built by.
"Compensation Information for Michael Bonney , CEO of CUBIST PHARMACEUTICALS INC | Salary.com"
.
Salary.com
. Retrieved
2016-05-24
.
- ^
Weisman, Robert (20 Oct 2014).
"New Cubist Pharmaceuticals chief executive will be Robert J. Perez"
.
www.BostonGlobe.com
. Retrieved
23 Nov
2014
.
- ^
"Bonney to retire as CEO of Cubist, current COO to take over - Boston Business Journal"
.
Boston Business Journal
. Retrieved
2016-05-23
.
- ^
"Independent No More: Cubist Sold to Merck for $9.5B | Xconomy"
.
Xconomy
. 2014-12-08
. Retrieved
2016-05-23
.
- ^
"Michael Weston Bonney total compensation"
.
- ^
"Ex-Cubist CEO Bonney named Third Rock partner - The Boston Globe"
.
BostonGlobe.com
. Retrieved
2016-05-23
.
- ^
"Former Cubist CEO Mike Bonney Joins Third Rock Ventures | Xconomy"
.
Xconomy
. 2016-01-07
. Retrieved
2016-05-23
.
- ^
"Stealthy X4 Pharma, Aided by Termeer, Other Ex-Genzymers, Nabs $37M+ | Xconomy"
.
Xconomy
. 2015-09-01
. Retrieved
2016-05-23
.
- ^
"Dunad Therapeutics Appoints Michael Bonney as Chair of Board of Directors"
.
www.businesswire.com
. 2023-01-09
. Retrieved
2023-10-05
.
- ^
"Michael W. Bonney - Executive Bio, Compensation History, and Contacts - Equilar Atlas"
.
people.equilar.com
. Retrieved
2016-05-24
.
- ^
"Bates announces gifts of $19 million to create six new endowed professorships and launch the college's new digital and computational studies program"
.
www.bates.edu
. Retrieved
2016-05-23
.
- ^
Wight, Patty.
"Bates to Use $19 Million Donation to Launch Computer Science Program"
.
news.mpbn.net
. Retrieved
2016-02-09
.
- ^
"Bates announces gifts of $19 million to create six new endowed professorships and launch the college's new digital and computational studies program | News | Bates College"
.
www.bates.edu
. Retrieved
2016-02-08
.
- ^
"Bates receives its largest donation ever - The Boston Globe"
.
BostonGlobe.com
. Retrieved
2017-05-30
.
- ^
Writer, Noel K. GallagherStaff (2017-05-16).
"Maine family gives $50 million 'transformational' gift to Bates College capital campaign - Portland Press Herald"
.
Press Herald
. Retrieved
2017-05-30
.
- ^
"Q&A: Gratitude, confidence, and optimism inspire Mike and Alison Bonney's $50 million gift to Bates"
. 2017-05-16
. Retrieved
2017-05-30
.
- ^
a
b
"President Hansen lauds Bonney '80 for philanthropy, education leadership"
.
www.bates.edu
. Retrieved
2016-05-23
.
- ^
"Wow! Clayton Spencer begins a new relationship with her new college"
. 2012-06-15
. Retrieved
2016-11-28
.
- ^
"Who Makes Us Rare: Board of Trustees"
.
www.rare.org
. Retrieved
2020-04-10
.