12:00 AM
Jan 28, 2002
 |  BioCentury  |  Finance

Keeping the talent at Immunex

The rumor mill has been fired up for the past month over the potential brain-drain from Immunex Corp. (IMNX) following its merger with Amgen Inc. (AMGN). But speculation of a mass exodus appears to be just that: speculation.

People close to the company point out that while the merger may prompt some entrepreneurial spirits to leave the company at some point, no one has yet seen a flurry of brain power heading for the exits.

Helping stanch an exodus is the fact that the merger shouldn't result in a large wave of layoffs, especially in the scientific areas. "There's no cataclysmic event that's going on where people are running for the hills," said Alan Frazier of Seattle VC firm Frazier & Co. "It's not like a pharma merger, where you rationalize the portfolios, cut R&D, etc."

Frazier noted that AMGN is paying top dollar for IMNX, and employees can read their value into that. "Obviously with the price tag they're paying, they're not just paying for the net present value of the current products," he said. The science team "is going to get wined and dined,...

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