Arvinas Appoints Andrew Saik as Chief Financial Officer and Treasurer

Rhea-AI Summary

Arvinas (NASDAQ: ARVN) appoints Andrew Saik as Chief Financial Officer and Treasurer, effective June 24, 2024. Saik, an experienced biopharma finance executive, previously served as CFO at Intercept Pharmaceuticals where he led significant financial restructuring efforts. At Arvinas, he will focus on building financial systems and infrastructure necessary for transitioning to a commercial-stage biotech and managing ongoing clinical-stage programs. In connection with his appointment, Saik received an inducement grant of options to purchase 94,418 shares and a restricted stock unit for 61,409 shares, under Nasdaq Listing Rule 5635(c)(4).

Positive

• Appointment of an experienced CFO with over 20 years of biopharma finance expertise.
• Andrew Saik led significant financial restructuring at Intercept Pharmaceuticals, including a $450 million asset sale and $390 million debt repurchase.
• Inducement grant of stock options and restricted stock units highlights a strategic hiring decision to bolster financial leadership.

Negative

• None.

- Awards Mr. Saik an Inducement Grant in accordance with Nasdaq Listing Rule 5635(c)(4) -

NEW HAVEN, Conn., June 24, 2024 (GLOBE NEWSWIRE) -- Arvinas, Inc. (NASDAQ: ARVN), a clinical-stage biotechnology company creating a new class of drugs based on targeted protein degradation, today announced the appointment of Andrew Saik to the role of Chief Financial Officer and Treasurer reporting to Chairperson, Chief Executive Officer, and President, John Houston, Ph.D.

"It is a pleasure to welcome Andrew as our new Chief Financial Officer,” said John Houston, Ph.D., Chairperson, Chief Executive Officer, and President at Arvinas. “Andrew is a seasoned executive in biopharma finance with extensive experience in strategic financial leadership. His expertise in developing robust financial strategies will be invaluable as Arvinas builds out the financial systems and infrastructure necessary to transition to a commercial-stage biotech and continues to execute multiple ongoing clinical-stage programs to prepare for a Phase 3 data readout.”

Mr. Saik has more than 20 years of biopharma finance experience, most recently serving as Chief Financial Officer at Intercept Pharmaceuticals, Inc. While at Intercept Pharmaceuticals, he led the effort to recapitalize the balance sheet by selling the international division for $450 million and then repurchasing $390 million in convertible debt with a combination of cash and stock. Prior to Intercept Pharmaceuticals, Mr. Saik was Chief Financial Officer of Vyne Therapeutics Inc., where he led a buildout of the company’s finance department in the U.S., renegotiated debt obligations to provide the company with enhanced financial flexibility and helped raise over $135 million to fund operations. Prior to joining Vyne Therapeutics, Mr. Saik held CFO positions at PDS Biotechnology, Corp. (formerly Edge Therapeutics, Inc.), Vertice Pharma, LLC, and Auxilium Pharmaceuticals, Inc. Prior to Auxilium Pharmaceuticals, he was Senior Vice President, Finance and Treasurer at Endo Health Solutions, Inc., where he helped complete the acquisition of Paladin Labs and restructured $3 billion of debt into a new corporate structure.

"I am delighted to join this dynamic team and contribute to the company's future successes,” said Mr. Saik. “Arvinas has a remarkable track record in pioneering targeted protein degradation, and I believe that my experience in developing commercial strategies and guiding financial operations at late-stage companies will be instrumental as Arvinas builds and scales the financial systems and infrastructure necessary to support its ambitious growth plans and ensure the company is well-positioned as it transitions towards commercialization. This is a pivotal time for the company, and I am excited to be a part of its promising future and help build on the incredible momentum to date."

In connection with the commencement of Mr. Saik’s employment, Arvinas granted Mr. Saik an option to purchase 94,418 shares of common stock and a restricted stock unit award with respect to 61,409 shares of common stock on June 24, 2024, as an inducement material to entering into employment with Arvinas. The option and restricted stock units were granted in accordance with Nasdaq Listing Rule 5635(c)(4) and not pursuant to Arvinas’ 2018 Stock Incentive Plan.

The option has a 10-year term and an exercise price of $24.97 per share, which is equal to the closing price per share of Arvinas’ common stock on the grant date. The option vests over four years, with 25% of the original number of shares underlying the option vesting on the one-year anniversary of the date of grant and 75% of the original number of shares vesting monthly thereafter, and the restricted stock unit award vests in four equal installments on each one-year anniversary of Mr. Saik’s employment start date until the fourth anniversary of Mr. Saik’s start date, subject to his continued service with Arvinas through the applicable vesting dates. 

About Arvinas
Arvinas (Nasdaq: ARVN) is a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases. Through its PROTAC^® (PROteolysis Targeting Chimera) protein degrader platform, the Company is pioneering the development of protein degradation therapies designed to harness the body’s natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. Arvinas is currently progressing multiple investigational drugs through clinical development programs, including vepdegestrant, targeting estrogen receptor for patients with locally advanced or metastatic ER+/HER2- breast cancer; ARV-102, targeting LRRK2 for neurodegenerative disorders; and ARV-393, targeting BCL6 for relapsed/refractory non-Hodgkin Lymphoma. Arvinas is headquartered in New Haven, Connecticut. For more information about Arvinas, visit us on www.arvinas.com and connect with us on LinkedIn and X.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding Arvinas’ preparation for its Phase 3 data readout; Arvinas’ build out and scaling of financial systems and infrastructure necessary to support its ambitious growth plans and ensure as well as the company’s position with respect to commercialization; and the potential therapeutic benefits of the product candidates in Arvinas’ PROTAC® protein degrader pipeline. The words “believe,” “expect,” “may,” “plan,” “potential,” “will,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Arvinas may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on such forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements made as a result of various risks and uncertainties, including but not limited to: Arvinas’ approach to the discovery and development of product candidates based on its PROTAC technology platform is unproven, which makes it difficult to predict the time, cost of development and likelihood of successfully developing any products; Arvinas’ ability to protect its intellectual property position; whether cash and cash equivalent resources will be sufficient to fund Arvinas’ foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other important factors discussed in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent other reports on file with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release reflect current views with respect to future events, and Arvinas assumes no obligation to update any forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing Arvinas’ views as of any date after the date of this release.

Arvinas Contacts

Investor Contact:
Jeff Boyle, Arvinas Investor Relations
+1 (347) 247-5089
Jeff.Boyle@arvinas.com

Media Contact:
Kirsten Owens, Arvinas Communications
+1 (203) 584-0307
Kirsten.Owens@arvinas.com

FAQ

Who is the new CFO of Arvinas (ARVN)?

Andrew Saik has been appointed as the new Chief Financial Officer and Treasurer of Arvinas (ARVN) effective June 24, 2024.

What experience does Andrew Saik bring to Arvinas (ARVN)?

Andrew Saik has over 20 years of biopharma finance experience, including previous roles as CFO at Intercept Pharmaceuticals and Vyne Therapeutics.

What financial strategies did Andrew Saik implement at Intercept Pharmaceuticals?

Andrew Saik led the effort to recapitalize Intercept Pharmaceuticals' balance sheet by selling the international division for $450 million and repurchasing $390 million in convertible debt.

What compensation did Arvinas (ARVN) offer to Andrew Saik upon his appointment?

Andrew Saik was granted an option to purchase 94,418 shares and a restricted stock unit award for 61,409 shares as part of his inducement grant under Nasdaq Listing Rule 5635(c)(4).

How does the stock option granted to Andrew Saik at Arvinas (ARVN) vest?

The stock option vests over four years, with 25% vesting on the one-year anniversary of the grant date, and the remaining 75% vesting monthly thereafter.