Form 8-K LIGAND PHARMACEUTICALS For: Jan 27
Tweet
Share
E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________
FORM 8K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2015
LIGAND PHARMACEUTICALS INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
(Exact Name of Registrant as Specified in Its Charter)
______________
����
Delaware | 77-0160744 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
11119 North Torrey Pines Road, Suite 200 La Jolla, CA | 92037 (Zip Code) |
(Address of principal executive offices) | |
(858)�550-7500
(Registrants Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule�425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule�14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule�14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule�13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item�5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Matthew W. Foehr as President and Chief Operating Officer����
On January 27, 2015, Ligand Pharmaceuticals Incorporated (the Company ) appointed Matthew W. Foehr as the Companys President and Chief Operating Officer, effective immediately. Mr. Foehr was formerly the Companys Executive Vice President and Chief Operating Officer. Mr. Foehr assumed the responsibility as the Companys President from John L. Higgins, who remains the Companys Chief Executive Officer.
The description of Mr. Foehrs compensation and employment terms, as well as his biography, is available in the Companys most recent definitive proxy statement, filed with the Securities and Exchange Commission on April 21, 2014, and is incorporated herein by reference.
Base Salary Increases and Payment of Bonuses to Named Executive Officers
On January 27, 2015, the Compensation Committee (the Committee ) of the Board of Directors of the Company approved base salary increases for 2015 and cash bonus payments for the 2014 fiscal year to be paid to the Companys named executive officers. Under the Companys bonus program, the target performance bonus for John L. Higgins, the Companys Chief Executive Officer, is 75% of base salary, the target bonus for Matthew W. Foehr, the Companys President and Chief Operating Officer, is 50% of base salary, and the target bonus for the other named executive officers is 40% of base salary. Bonus payments were based on the Committees evaluation of performance goals for 2014. Such goals related to the achievement of certain corporate organizational and infrastructure objectives and the advancement of the Companys business and clinical development programs.
The 2015 base salaries and 2014 bonuses to be paid to each named executive officer are as follows:
Name and Title | 2015 Base Salary | 2014 Bonus | ||
John L. Higgins, Chief Executive Officer | $550,000 | $382,648 | ||
Matthew W. Foehr, President and Chief Operating Officer | $413,000 | $187,680 | ||
Nishan de Silva, M.D., M.B.A., Vice President of Finance & Strategy and Chief Financial Officer | $330,000 | $120,219 | ||
Charles S. Berkman, Vice President, General Counsel and Secretary | $310,000 | $115,575 | ||
Item�7.01 Regulation FD Disclosure.
A press release dated February 2, 2015 announcing the appointment of Mr. Foehr is attached hereto as Exhibit 99.1. The information contained in Exhibit 99.1 of this Current Report on Form 8-K is being furnished pursuant to this Item 7.01 and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act ), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item�9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit�No. | Description | |
99.1 | Press Release, dated February 2, 2015. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIGAND PHARMACEUTICALS INCORPORATED
Date: February 2, 2015 | By: /s/ Charles S. Berkman�������� Name: Charles S. Berkman Title: Vice President, General Counsel and Secretary |
EXHIBIT INDEX
Exhibit�No. | Description | |
99.1 | Press Release, dated February 2, 2015. | |
Contacts: | |
Ligand Pharmaceuticals Incorporated | LHA |
John L. Higgins, CEO | Bruce Voss, [email protected] |
Ligand Promotes Matthew W. Foehr to President
SAN DIEGO (February 2, 2015) Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) announces that Matthew W. Foehr, currently Executive Vice President and Chief Operating Officer, has been promoted to President and Chief Operating Officer of Ligand. John Higgins, who had been serving as President and Chief Executive Officer, will continue to serve as the Companys Chief Executive Officer.
I am delighted to share with our investors and partners news of Matts promotion to President, said John Higgins, Chief Executive Officer of Ligand. Matt is an accomplished pharmaceutical executive and a fantastic colleague who has played a critically important role in helping build Ligand over the past several years. He is a perfect fit for our business, driving excellence in operations, managing successful programs with tight financial discipline and having keen vision for how to strategically grow our business. Ligands internal team and our partners know Matt for his strong commitment to the customer, untiring energy and sense of humor. His contributions to Ligand over the past four years have been profound. On behalf of my colleagues and the Ligand Board of Directors, I extend deep congratulations to him on this well-deserved promotion.
Mr. Foehr has more than 20 years of experience in the pharmaceutical industry, having managed global operations and various research and development programs. Prior to joining Ligand in 2011, he was Vice President and Head of Consumer Dermatology R&D, as well as Acting Chief Scientific Officer of Dermatology, in the Stiefel division of GlaxoSmithKline (GSK). GSK acquired Stiefel in 2009 for $3.6 billion. At Stiefel Laboratories, Inc., Mr. Foehr served as Senior Vice President of Global R&D Operations, Senior Vice President of Product Development & Support, and Vice President of Global Supply Chain Technical Services. Prior to Stiefel, Mr. Foehr held various executive roles at Connetics Corporation, including Senior Vice President of Technical Operations and Vice President of Manufacturing.
Mr. Foehr serves on the Board of Directors of Ritter Pharmaceuticals, Inc. and Viking Therapeutics Inc. He is the author of multiple scientific publications and is named on numerous U.S. patents. He received a Bachelor of Science degree in Biology from Santa Clara University.
About Ligand Pharmaceuticals
Ligand is a biopharmaceutical company with a business model that is based upon the concept of developing or acquiring royalty generating assets and coupling them with a lean corporate cost structure. Ligands goal is to produce a bottom line that supports a sustainably profitable business. By diversifying the portfolio of assets across numerous technology
types, therapeutic areas, drug targets and industry partners, we offer investors an opportunity to invest in the increasingly complicated and unpredictable pharmaceutical industry. In comparison to its peers, we believe Ligand has assembled one of the largest and most diversified asset portfolios in the industry with the potential to generate revenue in the future. These therapies seek to address the unmet medical needs of patients for a broad spectrum of diseases including diabetes, hepatitis, muscle wasting, Alzheimers disease, dyslipidemia, anemia, asthma and osteoporosis. Ligands Captisol platform technology is a patent-protected, chemically modified cyclodextrin with a structure designed to optimize the solubility and stability of drugs. Ligand has established multiple alliances with the world's leading pharmaceutical companies including GlaxoSmithKline, Onyx Pharmaceuticals (a subsidiary of Amgen Inc.), Merck, Pfizer, Baxter International, Lundbeck Inc., Eli Lilly & Co. and Spectrum Pharmaceuticals. Please visit www.captisol.com for more information on Captisol and www.ligand.com for more information on Ligand.
Follow Ligand on Twitter @Ligand_LGND.
# # #
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ligand to Report First Quarter 2024 Financial Results on May 7, 2024
- NorthWestern Reports First Quarter 2024 Financial Results
- Robbins LLP Reminds IRobot Corporation Shareholders of the Pending May 7, 2024 Lead Plaintiff Deadline
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
