except for 127 employees working at the biologics facility. Icos was the largest biotechnology company in the state of Washington at the time of the acquisition, and employed around 700 people. In December 2007, CMC Biopharmaceuticals A/S, a Copenhagen-based provider of contract biomanufacturing services, bought the Bothell biologics facility and retained the existing 127 employees. Controversy In addition to the layoff of Icos employees, other aspects of the acquisition were equally controversial, such as assertions that Icos was being sold too cheaply and that conflicts of interest existed. The latter related to Icos senior executives, who – despite poor stock performance, in part from failed clinical development programs and an inability to successfully license drugs over the preceding years – were to be massively compensated upon a successful acquisition. Senior executives at Icos received cash payments worth a combined $67.8 million for selling the company to Eli Lilly. Icos chairman, chief executive, and president Paul Clark received "a 'golden parachute' worth $23.2 million in severance pay, cashed-out stock options, restricted stock awards and other bonuses for retention and closing the deal." Nine senior Icos executives received similar packages, each worth more than $1 million. See also Drug development Pharmaceutical industry References External links CMC Biologics Official Website Cialis Official Website Eli Lilly Official Website Biotechnology companies established in 1989 Eli Lilly and Company Defunct companies based in Bothell, Washington Biotechnology companies disestablished in 2007 Pharmaceutical companies disestablished in 2007 2007 mergers and acquisitions Biotechnology companies of the United States 1989 establishments in Washington (state) 2007 disestablishments in Washington (state)