Onyx Pharmaceuticals Inc. Chairman and CEO Tony Coles will receive more than $62.5 million in severance pay, stock and other benefits, if he loses his job within two years of the company’s $10.4 billion sale to Amgen Inc. The figures, laid out in a Securities and Exchange Commission filing Tuesday by the South San Francisco-based cancer drug developer (NASDAQ: ONXX), come less than a week after Onyx told most employees that their stock options would accelerate and vest and that they would receive a minimum of two months base salary, which increases with their job level.
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