Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Chief Operating Officer
On June 21, 2023, the Board approved the appointment of Cameron Turtle, age 33, to Chief Operating Officer of the Company, effective as of the Closing.
Dr. Turtle is an experienced leader in building, financing, and shaping biopharma organizations from preclinical development to late-stage clinical trials and commercialization. Dr. Turtle joins Aeglea from Spyre Therapeutics. Previously, he served as Venture Partner at Foresite Labs; Chief Strategy Officer of BridgeBio Pharma (NASDAQ: BBIO); and Chief Business Officer of Eidos Therapeutics (NASDAQ: EIDX), where he led business development, investor relations, and multiple operational functions as the company advanced an investigational medicine for a form of heart failure. Prior to joining Eidos, he was a consultant at McKinsey & Company, where he worked with pharmaceutical and medical device companies on topics including M&A, growth strategy, clinical trial strategy, and sales force optimization.
Dr. Turtle received his B.S. with honors in Bioengineering from the University of Washington and his DPhil in Cardiovascular Medicine from the University of Oxford, St. John’s College. He is the recipient of several awards, including a Rhodes Scholarship, Goldwater Scholarship, Forbes 30 Under 30, San Francisco Business Times 40 Under 40, and the Biocom Life Sciences Catalyst Award.
In connection with his appointment, Mr. Turtle entered into an offer letter with the Company pursuant to which he will receive: (i) an annual base salary of $450,000, (ii) a target annual bonus of 50% of his base salary (pro-rated for 2023), and (iii) a grant of 47,297,197 stock options as an inducement to accepting employment with the Company. In the event of a termination of Mr. Turtle’s employment without “cause” (as defined in the offer letter), subject to his execution and non-revocation of a release of claims, Mr. Turtle is eligible to receive the following severance payments and benefits: (a) an amount equal to 12 months of his base salary plus any earned but unpaid bonus for the preceding year, payable in installments over 12 months, (b) accelerated vesting of the time-based equity awards that would vest within the next 12 months following such termination, and (c) subsidized COBRA continuation for 12 months following such termination. In the event of a termination of Mr. Turtle’s employment without “cause” or his resignation for “good reason” (as defined in the offer letter) on or within 12 months of a change in control of the Company, subject to his execution and non-revocation of a release of claims, Mr. Turtle is eligible to receive the foregoing severance payments and benefits; however, all outstanding time-based equity awards will be fully accelerated.
Mr. Turtle has no family relationship with any of the executive officers or directors of the Company. There are no arrangements or understandings between Mr. Turtle and any other person pursuant to which he was appointed as an officer of the Company. Mr. Turtle is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Resignation of Directors
In accordance with the Merger Agreement, on June 22, 2023, immediately prior to the effective time of the merger (“Effective Time”), Armen Shanafelt, Ph.D., V. Bryan Lawlis, Ph.D. and Marcio Souza, M.B.A. resigned from the Board and any respective committee of the Board to which they were members. The resignations were not the result of any disagreements with the Company relating to the Company’s operations, policies or practices.
Appointment of Directors
In accordance with the Merger Agreement, on June 22, 2023, effective immediately after the Effective Time, Peter Harwin, Tomas Kiselak and Michael Henderson were appointed to the Board as directors.
Peter Harwin (Age 37). Peter Harwin is currently a managing member at Fairmount Funds Management LLC, a healthcare investment fund he co-founded in April 2016. Prior to Fairmount, Mr. Harwin served as a member of the investment team at Boxer Capital, LLC, part of the Tavistock Group, based in San Diego. Mr. Harwin serves on the board of Viridian Therapeutics, Inc. along with being chairman of the board of Cogent Biosciences, Inc. He is also a director of Paragon Therapeutics, Inc. and a member of the board of managers of Apogee Therapeutics, LLC. Peter holds a Bachelor of Business Administration from Emory University.
Tomas Kiselak (Age 37). Tomas Kiselak is currently a managing member at Fairmount Funds Management LLC, a healthcare investment fund he co-founded in April 2016. Prior to Fairmount, Mr. Kiselak served as a managing director at RA Capital Management LLC. Mr. Kiselak serves on the board of Viridian as its chairman as well as being a director for several private companies. He received a bachelor’s degree in Neuroscience and Economics from Amherst College.
Michael Henderson (Age 34). Dr. Henderson has served as a member of the board of directors of Apogee Therapeutics, Inc. since June 2023, as a member of the board of managers of Apogee Therapeutics, LLC since 2022 and as Apogee Therapeutics, Inc’s Chief Executive Officer since September 2022. Dr. Henderson is an experienced biotechnology executive with expertise in business leadership, drug development, and commercial strategy. He has overseen the creation of multiple companies, launched a significant number of drug development programs, and led teams to two FDA approvals, to date. Prior to joining Apogee, Dr. Henderson served as Chief Business Officer of BridgeBio Pharma, Inc. (Nasdaq: BBIO), a commercial-stage biopharmaceutical company, from January 2020 to September 2022, where he was responsible for furthering the overarching strategy of BridgeBio, identifying and investing in new technologies and running business development and operations. Prior to holding that position, he spent two years serving as BridgeBio’s Senior Vice President, Asset Acquisition, Strategy and Operations, where he was responsible for business development, strategy and operations. Dr. Henderson joined BridgeBio as Vice President of Asset Acquisition, Strategy and Operations in April 2016. Dr. Henderson also served as the Chief Executive Officer of a number of BridgeBio’s subsidiaries. Prior to BridgeBio, Dr. Henderson worked at McKinsey & Company, a global management consulting firm, from January 2015 to April 2016 and prior to that, he co-founded PellePharm, Inc., a biotechnology company, in August 2011. Dr. Henderson has served on the board of directors of ARYA Sciences Acquisition Corp IV (Nasdaq: ARYD), a special purpose acquisition company focused on the healthcare industry, since February 2021. Dr. Henderson received his B.A. in global health from Harvard University and his M.D. from Stanford University.
There are no arrangements or understandings between Mr. Harwin, Mr. Kiselak or Dr. Henderson and any other person pursuant to which he was appointed as a director of the Company. None of Mr. Harwin, Mr. Kiselak or Dr. Henderson is a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Board Committees
Audit Committee
In connection with the Closing, Mr. Harwin was appointed to the audit committee of the Board.