After months of nothing but bad news, Richard Nanula unexpectedly announced his resignation last night, The biotech has, essentially, been imploding with disappointing clinical results, study results not disclosed properly and subsequent investigations, Congressional scrunity over alleged improper marketing and a possible reduction in Medicare reimbursement.

So who can blame him? Somebody must. But the timing certainly doesn’t look good. Nonetheless, Bear Stearns analyst Mark Schoenebaum wrote in an investor note this morning that he spoke with Nanula and that, while the “departure may not be ideal, our current belief is that there is probably no ’smoking gun’ behind the timing. In addtion, bringing new blood into Amgen’s leadership circle might end up being just what the doctor ordered.”

Meanwhiile, Nanula should be around another 90 days, but won’t walk away emptyhanded. In fact, Schoenebaum points out that the cfo made an estimated $5.4 million in stock sales since mid-2005, when Amgen’s world was much rosier.

Here’s the rest of Schoenebaum’s analysis of Nanula’s holdings:

Based on Amgen filings, we believe Mr. Nanula is currently leaving 256,250 shares undelying unvested options “on the table.” These options have ex. prices ranging from $38-72. Of these shares, 30,000 are in the money, worth an estimated $562,000. If all vested options and stock went to $70, we estimate the value at $2.3 million. Amgen also grants “performance units” that convert into stock based on a…formula. We believe Mr. Nanula may have earned units/shares worth more than $11 million. Given this performance period is over, we believe it’s possible he will be eligble to keep these shares. An additional number of units that could mature over the next 2 years worth an expected $5.9 million will likely not be granted to Mr Nanula.

[tags]Amgen[/tags]