MedImmune's Ex-CEO Joins Investment Firm
Former MedImmune CEO David Mott, shown in 2004, joined venture capital firm New Enterprise Associates.
(By Timothy Jacobsen For The Washington Post)
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Thursday, September 18, 2008
David M. Mott, former chief executive of MedImmune, joined the Chevy Chase venture capital firm New Enterprise Associates yesterday.
Mott, who becomes a general partner at New Enterprise, will work on the health-care investment team, focusing on biotechnology and specialty pharmaceuticals.
"His broad sector expertise and strong ties within the biopharma community add substantial depth to NEA's healthcare practice," Peter J. Barris, a managing general partner, said in a statement.
At the end of July, Mott left MedImmune, the Gaithersburg biotech he ushered through years of rapid growth and its sale to British drug giant AstraZeneca. Last year, AstraZeneca bought MedImmune for $15.6 billion, one of the biggest acquisitions in the pharmaceutical industry's recent history. Mott stood to make more than $145 million from the deal. In a Securities and Exchange Commission filing before the sale closed, MedImmune detailed Mott's big payday -- $133.5 million in stock option payouts and $12.2 million in other payments.
Now Mott follows in the steps of his mentor Wayne T. Hockmeyer, a former doctor at Walter Reed Army Institute of Research and founder of MedImmune. After stepping down as MedImmune's chief executive in 2000, promoting Mott to the top, Hockmeyer served as president of MedImmune Ventures, a $100 million corporate venture fund established by Mott in 2002. He left the fund following the deal with AstraZeneca last year.
And in a way, Mott is going back to his roots. Before joining MedImmune, Mott was a vice president in Smith Barney's health-care investment banking group in New York. There he dealt with public and private-equity and debt financings, as well as mergers and acquisitions, for biotechnology, health care and medical product companies.
One day Hockmeyer's business plan for MedImmune fell on Mott's desk. The two met at a Manhattan steakhouse to talk about building a successful biotech. In 1992, Hockmeyer wooed Mott away from Wall Street, hiring him as vice president of business development.
