Ultragenyx Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Ultragenyx Pharmaceutical (NASDAQ: RARE) has announced the grant of stock options and restricted stock units to 11 newly hired non-executive officers. The grant includes 11,035 stock options and 17,710 restricted stock units, approved by the compensation committee and awarded under the Ultragenyx Employment Inducement Plan.

The stock options have a ten-year term with an exercise price of $38.20 per share, reflecting the closing price on April 14, 2023. The restricted stock units vest over four years, while the stock options vest at the first anniversary and continue monthly thereafter, contingent on continuous employment.

Ultragenyx focuses on developing novel therapies for rare diseases, aiming to address high unmet medical needs.

Positive

• Grant of stock options and restricted stock units to attract new talent.
• Stock options and restricted stock units structured to encourage long-term commitment from new hires.
• Strategic focus on rare and ultra-rare diseases, indicating strong market positioning.

Negative

• None.

NOVATO, Calif., April 19, 2023 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the development and commercialization of novel therapies for rare and ultra-rare diseases, today reported the grant of non-qualified stock options to purchase an aggregate of 11,035 shares of common stock of the company and 17,710 restricted stock units of the company’s common stock to 11 newly hired non-executive officers of the company. The awards were approved by the compensation committee of the company’s board of directors and granted under the Ultragenyx Employment Inducement Plan, with a grant date of April 16, 2023, as an inducement material to the new employees entering into employment with Ultragenyx in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25% of the underlying shares vesting on each anniversary of the grant date, subject to the employee being continuously employed by the company as of such vesting dates. The stock options vest over four years, with 25% of the shares underlying the option vesting on the first anniversary of the grant date and the remainder vesting with respect to 1/48th of the shares underlying the options on each monthly anniversary thereafter, subject to the employee being continuously employed by the company as of such vesting dates. The stock options have a ten-year term and an exercise price of $38.20 per share, equal to the per share closing price of Ultragenyx’s common stock on April 14, 2023.

About Ultragenyx Pharmaceutical Inc.
Ultragenyx is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.

The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.

For more information on Ultragenyx, please visit the company's website at: www.ultragenyx.com.

Contact Ultragenyx
Investors & Media
Joshua Higa
(415) 475-6370

FAQ

What is the recent stock grant announcement from Ultragenyx Pharmaceutical (RARE)?

Ultragenyx announced the grant of 11,035 stock options and 17,710 restricted stock units to 11 newly hired non-executive officers.

What is the exercise price of the stock options granted by Ultragenyx (RARE)?

The exercise price of the stock options is $38.20 per share.

When were the stock options and restricted stock units granted by Ultragenyx (RARE)?

The awards were granted on April 16, 2023.

How do the restricted stock units vest for Ultragenyx employees?

The restricted stock units vest over four years, with 25% vesting on each anniversary of the grant date.

What is Ultragenyx Pharmaceutical's focus area?

Ultragenyx focuses on developing therapies for rare and ultra-rare genetic diseases.