Form 8-K Sagent Pharmaceuticals, For: Mar 23

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 23, 2016

 

 

Sagent Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

 

 

Commission File Number: 1-35144

 

Delaware		98-0536317
(State or other jurisdiction of incorporation)		(IRS Employer Identification No.)

1901 N. Roselle Road, Suite 700, Schaumburg, Illinois 60195

(Address of principal executive offices, including zip code)

(847) 908-1600

(Registrant’s telephone number, including area code)

(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:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On March 23, 2016, Sagent Pharmaceuticals, Inc. (the “Company”) announced that Sean Brynjelsen had been appointed to the newly created role of Executive Vice President, Business Development, effective April 4, 2016.

Mr. Brynjelsen, 44, has served most recently as Senior Vice President, Global Business Development of Akorn Inc., which he joined in 2007 as their Director of New Business Development. Prior to joining Akorn, Mr. Brynjelsen held roles of increasing responsibility at Hospira International and Baxter Healthcare Corporation. He earned a master’s degree in business administration from the University of Notre Dame and holds a bachelor’s degree of science in biochemistry and a master’s degree in science from the University of Illinois.

Mr. Brynjelsen was not selected pursuant to any arrangement or understanding between him and any other person. Mr. Brynjelsen has no family relationships with any of the Company’s directors or executive officers. There have been no related person transactions between Sagent and Mr. Brynjelsen reportable under Item 404(a) of Regulation S-K.

Pursuant to the Company’s employment agreement with Mr. Brynjelsen, (the “Employment Agreement”), Mr. Brynjelsen will be entitled to an annual base salary of $315,000. He will also be eligible to participate in the Company’s annual bonus program. Mr. Brynjelsen’s annual target award opportunity under the annual bonus program is equal to 40% of his salary, or $126,000 (pro-rated) in 2016. He will also receive an initial grant of stock options and restricted stock, each in the amount of approximately $120,000 and totaling $240,000 in aggregate, with each grant vesting over a four-year period in the amount of 25% annually on the anniversary of the grant date. Mr. Brynjelsen is also eligible for other benefits consistent with those received by the Company’s other executives.

Item 8.01 Other Events

On March 23, 2016, the Company issued a press release announcing the appointment described in Item 5.02 above. A copy of that press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibit is being furnished with this Current Report on Form 8-K.

 

Exhibit Number		Description
99.1		Sagent Pharmaceuticals, Inc. Press Release, dated March 23, 2016

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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.

 

				SAGENT PHARMACEUTICALS, INC.
Date: March 23, 2016				/s/ Michael Ward
		Name:		Michael Ward
				Deputy General Counsel, Senior Compliance Officer and Corporate
		Title:		Secretary

Exhibit 99.1

 

For Immediate Release

SAGENT CONTACT:

Jonathon Singer

[email protected]

(847) 908-1605

Sagent Pharmaceuticals Names Sean Brynjelsen Executive Vice President, Business Development

Newly Created Position Supports Long-Term Growth Strategy to Expand Product Offerings

SCHAUMBURG, Ill., March 23, 2016 – Sagent Pharmaceuticals, Inc. (NASDAQ: SGNT) a leading provider of affordable pharmaceuticals to the hospital market, announced the hiring of Sean Brynjelsen as Executive Vice President, Business Development. In this newly created role, Mr. Brynjelsen, will develop and execute a strategy to drive long-term growth through the acceleration of product licensing, acquisition of products and portfolios as well as the execution of other M&A activity. Mr. Brynjelsen will report directly to Allan Oberman, Sagent’s Chief Executive Officer.

Mr. Brynjelsen joins Sagent to lead the third objective of our “Triple E” growth strategy to execute on strategic M&A transactions to advance our growth and profitability, said Allan Oberman, chief executive officer of Sagent. “Sean has extensive experience in pharmaceutical transactions, strategic planning and product licensing/development, which makes him a great addition to our executive leadership team. This newly created position, in conjunction with the addition of our EVP of Global Operations earlier this quarter, fulfills our commitment to strengthen the leadership of Sagent and support the acceleration of our ability to execute on our growth strategy.”

Mr. Brynjelsen has over 20 years of transactional experience in the pharmaceutical industry with companies including Akorn, Hospira and Baxter. Most recently, he served as Senior Vice President, Global Business Development for Akorn where he completed over one hundred transactions including the acquisition of over 25 products contributing greater than $300 million of annual revenue. He earned an MBA degree from the University of Notre Dame and holds a Master of Science in Chemistry and a Bachelor of Science in BioChemistry from the University of Illinois.

About Sagent Pharmaceuticals

Sagent Pharmaceuticals, Inc., founded in 2006, is a leading provider of affordable pharmaceuticals to the hospital market. Sagent has created a unique, global network of resources, comprising rapid development capabilities, sophisticated manufacturing and innovative drug delivery technologies, resulting in an extensive and rapidly expanding pharmaceutical product portfolio that fulfills the evolving needs of patients.

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