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Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Mirum Pharmaceuticals (NASDAQ: MIRM) announced on December 9, 2022, that its Compensation Committee granted inducement awards comprising non-qualified stock options for 38,200 shares and 19,100 restricted stock units (RSUs) to seven new employees. The stock options have an exercise price of $18.16 per share, vesting over four years. The RSUs will vest over three years. This grant is in accordance with Nasdaq Listing Rule 5635(c)(4) and is part of Mirum's strategy to attract talent in the biopharmaceutical sector, focusing on rare liver diseases.
Positive
Inducement awards to new employees signal growth and expansion efforts.
Attractive stock option price at $18.16 may incentivize employee retention and performance.
Negative
None.
FOSTER CITY, Calif.--(BUSINESS WIRE)--
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on December 9, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 38,200 shares of common stock and 19,100 restricted stock units (“RSUs”) to seven new employees under Mirum’s 2020 Inducement Plan. The Compensation Committee of Mirum’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price per share equal to $18.16 per share, Mirum’s closing trading price on December 9, 2022, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with Mirum through the applicable vesting dates. The RSUs will vest over three years, with 33% of the underlying shares vesting on each anniversary of the applicable vesting commencement date, subject to the new employees’ continued service relationship with Mirum through the applicable vesting dates. The awards are subject to the terms and conditions of Mirum’s 2020 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
About Mirum Pharmaceuticals, Inc.
Mirum Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to transforming the treatment of rare liver diseases. Mirum’s approved medication is LIVMARLI® (maralixibat) oral solution which is approved in the U.S. for the treatment of cholestatic pruritus in patients with Alagille syndrome one year of age and older. In Europe, the European Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion for LIVMARLI for the treatment of cholestatic pruritus in patients with Alagille syndrome two months of age and older. A decision by the European Commission is expected by year-end 2022.
Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases affecting children and adults. LIVMARLI, an oral ileal bile acid transporter (IBAT) inhibitor, is currently being evaluated in clinical trials for pediatric liver diseases and includes the EMBARK Phase 2b clinical trial for patients with biliary atresia. In addition, Mirum has an expanded access program open across multiple countries for eligible patients with ALGS and PFIC.
Mirum’s second investigational treatment, volixibat, an oral IBAT inhibitor, is being evaluated in two potentially registrational studies including the VISTAS Phase 2b clinical trial for adults with primary sclerosing cholangitis and the VANTAGE Phase 2b clinical trial for adults with primary biliary cholangitis.
What inducement awards did Mirum Pharmaceuticals announce on December 9, 2022?
Mirum Pharmaceuticals announced inducement awards consisting of non-qualified stock options for 38,200 shares and 19,100 restricted stock units (RSUs) to seven new employees.
What is the exercise price for the stock options granted by Mirum Pharmaceuticals?
The exercise price for the stock options is $18.16 per share.
How long will the stock options and RSUs vest for Mirum's new employees?
The stock options will vest over four years, while the RSUs will vest over three years.
Why did Mirum Pharmaceuticals grant these inducement awards?
The awards were approved as an inducement material to the new employees’ employment under Nasdaq Listing Rule 5635(c)(4).
