Arena Pharma (ARNA) Appoints New Business Chief
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Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) announced that Vincent Aurentz will join its management team as Executive Vice President and Chief Business Officer, effective today. Mr. Aurentz will report to Amit Munshi, Arena's President and Chief Executive Officer.
"I am excited to have Vince join us at Arena," said Mr. Munshi. "His experience in product planning, operations and corporate development will add significant value as we continue our transition from a discovery research company to an execution-driven, clinically focused company."
Mr. Aurentz joins Arena with over 27 years of experience in the pharmaceutical and biotech industry. Prior to Arena, Mr. Aurentz served as the Chief Business Officer of Epirus Biopharmaceuticals. Prior to that, Mr. Aurentz served as President of HemoShear Therapeutics, where he oversaw the scientific and business development efforts including collaborations with global organizations such as Pfizer, Eli Lilly, Janssen R&D and Children's National Health System. Before his time at HemoShear Therapeutics, Mr. Aurentz was Executive Vice President and a member of the Executive Management Board at Merck KGaA (Merck Serono) where he directed R&D programs, portfolio strategy and headed deal activity and venture investments. Mr. Aurentz is a former Executive Vice President at Quintiles, and Co-founder and Managing Director of a venture capital and advisory business. He started his career at Andersen Consulting (now Accenture).
"I am thrilled to be a part of Arena as it re-orients its priorities to deliver first or best-in-class compounds in a timely and cost-conscious manner," said Mr. Aurentz. "I look forward to working with the team to unlock the value in our portfolio of three Phase 2 programs and multiple partner collaborations."
Inducement Equity Award
In connection with the hiring of Mr. Aurentz, the Compensation Committee of Arena's Board of Directors approved an inducement stock option grant to Mr. Aurentz to purchase 800,000 shares of Arena common stock. The option grant will be effective on August 15, 2016, and will have an exercise price per share equal to the closing price of Arena's common stock on that date. The non-qualified stock option will have a 7-year term and will vest over four years, with 25% of the shares subject to the option vesting one year after the commencement of Mr. Aurentz's employment and the remainder of the shares vesting monthly over the following three years in equal installments, subject to Mr. Aurentz's continued service with Arena through the applicable vesting dates. The vesting of the option is subject to acceleration in certain circumstances as provided in Arena's Amended and Restated Severance Benefit Plan. The stock option grant is subject to the terms and conditions of Arena's 2013 Long-Term Incentive Plan, as amended, and the stock option agreement pursuant to which the option is granted.
The stock option is granted as an inducement material to Mr. Aurentz entering into employment with Arena in accordance with NASDAQ listing Rule 5635(c)(4).
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