Array CEO Squarers set to reap 210M Dollars in Pfizer buyout and his COO and CMO wont do badly, either

fiercepharma | July 01, 2019

Array CEO Squarers set to reap 210M Dollars in Pfizer buyout and his COO and CMO wont do badly, either
Array BioPharma has been weighing a potential sale for years, and now that its inked an $11.4 billion deal with Pfizer, the companys top execs stand to reap some hefty payouts. Really hefty, in the case of Array CEO Ron Squarer. His holdings in the company will be worth $124.77 million upon closing at the agreed-upon deal price of $48 per share, Array said in an SEC filing. And his golden parachute tots up to $85.25 million, for a total payout of more than $210 million. Array COO Andrew Robbins’ share of the company will be worth $55.6 million, while his golden parachute comes to $43.35 million. That means he’ll reap about $99 million in the sale. Meanwhile, Chief Medical Officer Victor Sandor has options worth $42.62 million, and his parachute payment is $36.17 million. Those figures bring his total payout to $78.8 million. Array last month announced its $11.4 billion sale to Pfizer, which offered $48 per Array share, or a 62% premium to the company’s closing price before the announcement. It was a 110% premium, though, to Array's share price before some key data hit the news earlier this year. Of course, Array's work to sell itself goes back way before the announcement. In the SEC filing, the cancer-focused drugmaker says it hired Centerview Partners in early 2017 to explore a potential sale. Also in early 2017, the company contacted Pfizer and other companies about a possible deal, but those talks didn’t turn up an offer. But last year, an unnamed global biopharma approached Squarer about a potential deal, and though that company didn’t make an offer, it touched off another round of shopping. Along the way, Pfizer showed some interest and finally, after months of due diligence, the companies reached a deal. The buyout is new Pfizer CEO Albert Bourla’s first big transaction since taking the helm this year.

Spotlight

Not only the most accurate cartridge filling system but it is also the most consistent, versatile, and dynamic.

Related News

PHARMA TECH

Ranok Therapeutics Announces Agreement with Pfizer on Targeted Protein Degradation

Ranok Therapeutics | November 30, 2021

Ranok Therapeutics Co. Ltd., an emerging biopharmaceutical company focused on developing breakthrough therapies for cancer and other serious diseases, announced an agreement with Pfizer Inc. to apply and evaluate Ranok’s CHAMP™ platform technology on an undisclosed cancer target. Terms of the agreement were not disclosed. Ranok has developed a proprietary and innovative targeted protein degradation (TPD) platform technology, CHAMP™ (Chaperone-mediated Protein Degradation), which leverages Ranok’s founders’ expertise in protein homeostasis to take advantage of the cellular chaperone network, potentially improving drug safety and efficacy due to selective targeting of disease tissues. “We are very pleased to work with Pfizer to explore the application of CHAMP™ to an emerging cancer drug target, This represents our first pharmaceutical company research relationship and is an important step forward in establishing CHAMP™ as a preferred technology in the rapidly-growing field of targeted protein degradation. We look forward to uncovering new benefits of CHAMP™ through this research.” Kevin P. Foley, Ph.D., Co-founder and Chief Scientific Officer of Ranok Therapeutics This evaluation agreement builds upon Ranok’s recent momentum, including its $40 million Series B financing in August 2021. About Ranok Therapeutics Ranok is a privately held, emerging biopharmaceutical company that is pioneering its proprietary CHAMP™ platform technology, an innovative approach to targeted protein degradation (TPD) for the discovery and development of novel therapeutics. Ranok was founded by a leadership team composed of industry veterans from both Chinese and American biotech and pharmaceutical companies and is based in two of the world’s leading centers of innovation and medical research: Hangzhou China and Greater Boston, Massachusetts. By bringing together cutting-edge medical research from both China and the United States, Ranok’s goal is to create transformative medicines to benefit patients suffering from cancer and other serious diseases around the world. For more information, please visit the company website at www.ranoktherapeutics.com or follow us at LinkedIn and on Twitter @RanokTx. About Ranok’s CHAMP™ platform Chaperone-mediated Protein Degradation/Degrader technology is based on our founders’ extensive backgrounds in protein homeostasis research. This technology takes advantage of the cellular chaperone network, distinguishing it from other targeted protein degradation (TPD) approaches. CHAMP™ has a number of unique advantages, including improved safety due to the selective targeting of tumors. Our proprietary R&D engine combines deep biological insight and chemistry expertise to iteratively discover and test new leads, rapidly identifying and advancing optimal development candidates for a variety of important disease targets.

Read More

BUSINESS INSIGHTS

Acurx Pharmaceuticals to Join the Russell Microcap Index®

Acurx Pharmaceuticals, Inc. | September 06, 2021

Acurx Pharmaceuticals, Inc, a clinical stage biopharmaceutical company developing a new class of antibiotics for difficult-to-treat bacterial infections, announced today that the Company is set to join the Russell Microcap® Index when the market opens on September 20, 2021, according to a preliminary list of additions posted on September 1, 2021. Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes. "Inclusion in the Russell Microcap Index reflects the ongoing achievement of our previously stated drug development objectives for our pipeline of DNA polymerase IIIC inhibitors, and the fact that, if approved, we would bring to market the first of a new class of antibiotics in over 30 years," said David P. Luci, President and CEO of Acurx. "Inclusion in the Index benefits our Company and stockholders by elevating our visibility within the global investment community. We look forward to continuing our progress towards completing the clinical development program for ibezapolstat, our lead antibiotic candidate targeting the treatment of C. difficile Infection and delivering on several key milestone catalysts through 2021 and 2022," concluded Luci. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's US indexes. Russell indexes are part of FTSE Russell, a leading global index provider. About FTSE Russell FTSE Russell is a global index leader that provides innovative benchmarking, analytics, and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. About Acurx Pharmaceuticals, Inc. Acurx Pharmaceuticals is a clinical stage biopharmaceutical company focused on developing new antibiotics for difficult to treat infections. The Company's approach is to develop antibiotic candidates that target the DNA polymerase IIIC enzyme and its R&D pipeline includes antibiotic product candidates that target Gram-positive bacteria, including Clostridioides difficile, methicillin-resistant Staphylococcus aureus (MRSA), vancomycin resistant Enterococcus (VRE) and drug-resistant Streptococcus pneumoniae (DRSP).

Read More

BUSINESS INSIGHTS

Hikma and FAES Farma enter into exclusive licensing agreement for the commercialisation of Bilastine tablets in the US

Hikma Pharmaceuticals PLC | September 21, 2021

Hikma Pharmaceuticals PLC (Hikma), the multinational generic pharmaceutical company, announces the signing of an exclusive US license agreement with FAES Farma S.A. to commercialise Bilastine tablets, a non-sedating second generation antihistamine molecule for the treatment of allergic rhinitis and urticaria. Under the terms of the agreement, Hikma will be responsible for obtaining regulatory approval of Bilastine by the US Food and Drug Administration (FDA) and for the commercialisation of the product in the US following approval. Hikma will provide FAES with an upfront payment, regulatory approval and commercial milestone payments as well as royalties. The agreement builds upon Hikma and FAES Farma's existing partnership on Bilastine in the Middle East and North Africa, where Hikma is the exclusive licensee for Bilastine in 15 countries. We are pleased to form this partnership with FAES Farma for Bilastine, which builds on our growing position in the allergy market and further advances our objective of strengthening our specialty business in the US. Since its first launch in Europe in 2011, Bilastine has been successfully commercialised as a leading allergy brand in more than 100 countries. By introducing Bilastine in the US, Hikma is further solidifying its presence in the allergy market, and we will leverage our existing salesforce promoting our specialty portfolio, including our partnership with Eyevance Pharmaceuticals for the co-promotion of ZERVIATE® and our forthcoming branded seasonal allergic rhinitis nasal spray Ryaltris™. We look forward to bringing this new treatment option to US patients. - Brian Hoffmann, President of Hikma Generics. About Bilastine Bilastine is a non-sedating second generation antihistamine molecule for the treatment of allergic rhinitis and urticaria. Bilastine is currently approved in more than 120 countries and achieved more than €290 million in worldwide sales in 2020. If approved by the FDA, Bilastine would be the first New Chemical Entity antihistamine approved in the US since 2007. About Hikma Hikma helps put better health within reach every day for millions of people around the world. For more than 40 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,600 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world.

Read More

Spotlight

Not only the most accurate cartridge filling system but it is also the most consistent, versatile, and dynamic.