Advertisement

BRIEFLY

Health Care

July 30, 1993|From Times Staff and Wire Reports

Medco Chairman Could Collect $60 Million: Merck & Co.'s $6-billion buyout of Medco Containment Services could give Medco Chairman Martin J. Wygod a windfall, according to a Medco proxy that says he would receive 1% of the price paid Medco shareholders in a takeover. Vice Chairman James V. Manning would get 0.25%, or $15 million. The proxy was for Medco's annual meeting last December. Merck, the world's largest pharmaceutical company, said Wednesday it agreed to buy Medco, the nation's largest mail-order drug retailer. Betty Krieger, a Medco spokeswoman, declined to say if the definitive agreement between Medco and Merck calls for the payments. She said Merck, which did not return phone calls, has to agree to it.

Advertisement
Los Angeles Times Articles
|
|
|