If you knew all of this just curious why did you go to KP?
How so? I’ve worked only in small oncology biotechs for the last 25 years. Krazypharm is the worst. Hands down. And let’s not forget...PM, besides his 3 years at Onyx-well after it was established, is a long time big Pharma guy, JD, long time big Pharma guy, so tell me how you think this feels like a start up biotech? These guys don’t even know what a small start up biotech is.
Im staying because I have about 10k shares, with ESOP included, and I think this place is starting to hit the skids. That is when things often get bought out. If we have a good quarter we jump off the bottom and if we dont the board may start to think we are underperforming and look to sell for shareholders. Either way I cash in in the low six digits. That is not going to happen at Oncopeptides. I talked to Peptides and I have reservations about a company that says we cant pay the equity now but we can in three months. They will still have no revenue in three months and costs will be higher since they are paying you. I hope it works out for you but I just think going there was a panic move. Time will tell. Good Luck
Teasro got bought out and the reps did well. Clovis is struggling but I also think Mahaffey will sell soon too so I have recently taken a position. I understand your thoughts about not leaving much on the table at KPTI but to go to a company that offers no initial stock to sell Melphelan is not a good move when there are others TGTX, ADC that will be a better fit/offer more. I never got a good resposne as to why they would wait to grant equity.
In the last few years many comanies KPTI, Beigene, Epizyme, and now Oncopetides have all had major flaws with their offers/companies. Im thinking the golden age of biotech is long in the rear view mirror so once you have a decent equity position in a comopany it would take more than the Onco offer to leave.
Looking to move to Beigene. Now concerned. What’s some of the “major flaws” to beware of? Thanks in advance!Teasro got bought out and the reps did well. Clovis is struggling but I also think Mahaffey will sell soon too so I have recently taken a position. I understand your thoughts about not leaving much on the table at KPTI but to go to a company that offers no initial stock to sell Melphelan is not a good move when there are others TGTX, ADC that will be a better fit/offer more. I never got a good resposne as to why they would wait to grant equity.
In the last few years many comanies KPTI, Beigene, Epizyme, and now Oncopetides have all had major flaws with their offers/companies. Im thinking the golden age of biotech is long in the rear view mirror so once you have a decent equity position in a comopany it would take more than the Onco offer to leave.
Teasro got bought out and the reps did well. Clovis is struggling but I also think Mahaffey will sell soon too so I have recently taken a position. I understand your thoughts about not leaving much on the table at KPTI but to go to a company that offers no initial stock to sell Melphelan is not a good move when there are others TGTX, ADC that will be a better fit/offer more. I never got a good resposne as to why they would wait to grant equity.
In the last few years many comanies KPTI, Beigene, Epizyme, and now Oncopetides have all had major flaws with their offers/companies. Im thinking the golden age of biotech is long in the rear view mirror so once you have a decent equity position in a comopany it would take more than the Onco offer to leave.
The issue is you do not have a decent equity position...OP will have equity position that will make us whole versus what we left on the table here which really wasn’t that much. Based your post and my experience here of your 10K shares you are sitting on about 4900 unvested. So even at a zero cost basis with a buyout price of $50(I’m being generously optimistic.) you only stand to forfeit $245K. So less that an year of totally comp. I’m very confident that OP will deliver on their commitment of an equity play that will make up that $245k which is pie in the sky based on current and future revenue models for KPTI. Not to mention working in a better environment with a higher base and an IC plan that can only be better the mess at KPTI. I think you may be too hung up on the equity piece...you really don’t have that much on the table.
I agree that 50 a share is optimistic too. But you are comparing your total comp of base, bonus, small rsu grant to proposed buyout without adding in my base/bonus. I wish you well but going to sell melphelan with no strong equity grant upfront was a pnic move in my mind. We all make about the same with base/bonus. The equity buyout is our only chance to make sizable money in one fell swoop. You are now starting over in that regard.
That said I will be looking to always interview as this place is flaming and we all know it. I just wont move for a company that does not offer equity upfront. We all know things are often portrayed one way in the interview process only to change drastically.
This call is EXACTLY what is wrong with the company and why people are leaving and will continue to leave. Terrible.
As much as I want to blame PM for all of this he was never really equipped to be a VP of Sales. He’s was an ok manager, nice, sometimes funny, many times not, but we liked him mainly because he was easy to work for. I don’t think anyone would ever say he was a great leader or knowledgeable, he was always kind of a clown in a good way, which made us like him and follow him. At the VP level you can’t really BS and joke your way through it. He’s been exposed and it’s not his fault. MK knew he was getting a first time VP of Sales. What I’m most disappointed in PM about is he clearly has no backbone, and is easily intimidated by MK and JD...after the two firings it’s clear he is trying to save his own skin and that is the weakest leader of them all.
