Myovant Sciences Announces New Employment Inducement Grants Under NYSE Rule 303A.08

Rhea-AI Summary

Myovant Sciences (NYSE: MYOV) announced equity awards for its newly appointed CEO, David Marek, consisting of 223,076 restricted stock units (RSUs) and an option to purchase 306,427 common shares. Additionally, RSUs for 87,300 shares were granted to eight other employees. The awards, effective January 15, 2021, will vest in installments over several years, contingent on continued employment. The option's exercise price is set at $20.54, reflecting the closing price on the grant date. Myovant focuses on innovative treatments for women's and men's health, including advanced prostate cancer and uterine fibroids.

Positive

• Appointment of David Marek as CEO could lead to strategic growth.
• Equity awards may align employees' interests with shareholders, enhancing performance.
• Myovant is focused on expanding its product offerings in women's and men's health.

Negative

• Equity awards could dilute existing shareholders' equity.
• No immediate revenue-generating impact from the announced appointments.

BASEL, Switzerland, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Myovant Sciences (NYSE: MYOV), a healthcare company focused on redefining care for women and for men, today announced that it approved equity awards to David Marek in connection with his previously-announced employment by Myovant Sciences, Inc. (MSI) as its chief executive officer, which consisted of restricted stock units (RSUs) to acquire 223,076 common shares of Myovant Sciences Ltd. (Myovant), and an option to purchase 306,427 Myovant common shares. In addition, Myovant granted RSUs to acquire an aggregate of up to 87,300 Myovant common shares to eight other new employees joining MSI. The equity awards were granted to Mr. Marek and the other employees on January 15, 2021 under the 2020 Inducement Plan in accordance with NYSE’s Listed Company Manual Rule 303A.08.

One-fourth of the shares underlying of Mr. Marek’s and other employees’ RSUs will vest on the one-year anniversary of the grant date, with the balance of the common shares vesting in twelve equal quarterly installments thereafter, in each case, subject to each applicable person’s continued employment with Myovant or one of its subsidiaries on such vesting dates. One-fourth of the shares underlying Mr. Marek’s option will vest on the one-year anniversary of the grant date, with the balance of the common shares vesting in twelve equal quarterly installments thereafter, in each case, subject to his continued employment with Myovant or one of its subsidiaries on such vesting dates. The option has an exercise price of $20.54, the closing price of a Myovant common share on the date of grant. The equity awards are subject to the terms and conditions of the 2020 Inducement Plan and the applicable equity award agreements.

About Myovant Sciences 
Myovant Sciences aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. Our lead product candidate, relugolix, is a once-daily, oral GnRH receptor antagonist. Relugolix (120 mg) is FDA-approved as ORGOVYX™ for adult patients with advanced prostate cancer. Relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) is under regulatory review in Europe and the U.S. for women with uterine fibroids and is under development for women with endometriosis. We are also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., is our majority shareholder. For more information, please visit our website at www.myovant.com. Follow @Myovant on Twitter and LinkedIn.

Investor Contact:
Ryan Crowe
Vice President, Investor Relations
Myovant Sciences, Inc.
+1 (650) 781-9106
investors@myovant.com

Media Contact:
Albert Liao
Director, Corporate Communications
Myovant Sciences, Inc.
+1 (650) 410-3055
media@myovant.com

 

FAQ

What equity awards were granted to David Marek at Myovant Sciences?

David Marek received 223,076 RSUs and an option to purchase 306,427 common shares.

When were the equity awards announced for Myovant Sciences?

The equity awards were announced on January 20, 2021.

What is the exercise price of the options granted to Myovant's CEO?

The exercise price is set at $20.54.

What is the focus of Myovant Sciences' product development?

Myovant focuses on treatments for women's and men's health.

Who are the new employees receiving equity awards at Myovant?

Eight new employees received an aggregate of 87,300 RSUs.