As Cerulean Pharma winds down, executives get a parting gift: bonuses

After multiple trial failures, Waltham-based cancer drug developer Cerulean Pharma is laying off its employees, selling its lead drugs and merging with a San Diego biotech.But the company’s departing top executives are in line to receive bonuses.Cerulean (Nasdaq: CERU) announced on Monday that it will be absorbed by Daré Bioscience through a reverse merger, sell its two lead cancer drugs and its technology platform for a total of just $7.5 million, and lay off 11 of its 19 employees