AMAG Pharmaceuticals Appoints Scott Myers as President and Chief Executive Officer
28 April 2020 - 01:00PM
AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today announced that its
Board of Directors has appointed Scott Myers as AMAG’s President
and Chief Executive Officer, and member of the Board, effective
immediately. Mr. Myers succeeds William Heiden, who is stepping
down from such roles in light of Mr. Myers’ appointment.
“Scott is a seasoned leader with exceptional experience, skill
set and passion, and it became evident to the Board through its
rigorous search that Scott is the ideal candidate to lead AMAG
forward,” said Gino Santini, Chairman of AMAG’s Board. “Scott’s
track record of success, coupled with his experience leading
companies with development stage and commercialized assets,
uniquely positions him to lead the Company. The Board is confident
that Scott will maximize AMAG’s strengths and proven capabilities
and enable the Company to better serve patients.”
Mr. Santini added, “The Board of Directors would like to thank
Bill for his dedication and leadership over the past eight years.
We appreciate Bill’s contributions to AMAG and we wish him the best
in his future endeavors.”
Mr. Myers is a proven executive who brings nearly three decades
of global pharmaceutical and medical technology experience to AMAG.
Mr. Myers most recently served as Chairman and Chief Executive
Officer of Rainier Therapeutics, a clinical-stage biotechnology
company focused on metastatic bladder cancer. Prior to joining
Rainier, Mr. Myers served as Chief Executive Officer, President and
as a director of Cascadian Therapeutics Inc. Mr. Myers also served
as Chief Executive Officer of Aerocrine AB, a medical device
company from 2011 to 2015. While at the helm of these companies,
Mr. Myers drove transformation that maximized growth and delivered
significant long-term value.
“AMAG is at a pivotal point in its evolution and I look forward
to working with AMAG’s Board, its leadership team and its dedicated
employees to advance the strategic plan, further define the
Company’s future, optimize its current products and bring
innovative therapies to patients in need,” said Mr. Myers. “We have
a significant opportunity ahead of us to unlock the potential of
AMAG’s pipeline and leverage its existing commercial strengths
to drive long-term growth and shareholder value.”
Mr. Myers is currently an independent director of Selecta
Biosciences where he serves as the Chair of the Compensation and
Benefits Committee, as well as a member of the Nominating and
Governance Committee. Mr. Myers also serves as an independent
director for Harpoon Therapeutics, a clinical stage biotechnology
company where he serves on the Audit Committee. Mr. Myers began his
career in management consulting and then moved into the
pharmaceutical industry through senior leadership roles at Johnson
& Johnson, DOV Pharmaceuticals and UCB.
Mr. Myers holds a Bachelor of Arts in Biology from Northwestern
University in Evanston, Illinois, and a Master of Business
Administration from The University of Chicago Graduate School of
Business (Booth) in Chicago, Illinois.
Inducement Equity AwardsThe Board of Directors
of AMAG approved an inducement award to Mr. Myers of an option to
purchase 1,000,000 shares of common stock. The option will have an
exercise price equal to the closing price of AMAG’s common stock on
the grant date and will be exercisable in four equal annual
installments beginning on the first anniversary of April 28,2020
(the grant date). The option will have a ten-year term and be
subject to the terms and conditions of the stock option agreement
pursuant to which the option will be granted. This equity award
will be granted without stockholder approval as inducements
material to the employee entering into employment with AMAG in
accordance with NASDAQ Listing Rule 5635(c)(4).
ABOUT AMAGAMAG is a pharmaceutical company
focused on bringing innovative products to patients with unmet
medical needs. The company does this by leveraging its development
and commercial expertise to invest in and grow its pharmaceutical
products across a range of therapeutic areas. For additional
company information, please visit www.amagpharma.com.
FORWARD-LOOKING STATEMENTSThis press release
contains forward-looking information about AMAG within the meaning
of the Private Securities Litigation Reform Act of 1995 and other
federal securities laws. Any statements contained herein which do
not describe historical facts, including, among others,
expectations of the Board of Directors that Mr. Myers’ experience
and skills will maximize the value of AMAG’s strengths and
capabilities and enable the Company to better serve patients;
AMAG’s expectations for the leadership transition, including
expectations and beliefs regarding AMAG’s ability to successfully
achieve benefits from the appointment of Mr. Meyers as President
and Chief Executive Officer; and Mr. Myers’ expectations that AMAG
will advance its strategic plan, optimize its current products and
bring innovative therapies to patients and unlock the potential of
AMAG’s pipeline and leverage its existing commercial strengths to
drive long-term growth and shareholder value are forward-looking
statements which involve risks and uncertainties that could cause
actual results to differ materially from those discussed in such
forward-looking statements.
Such risks and uncertainties include, among others, the risk
that AMAG will be unable to successfully achieve the anticipated
benefits from the appointment of Mr. Myers are Chief Executive
Officer and President, as well as those risks identified in AMAG’s
filings with the U.S. Securities and Exchange Commission (SEC),
including its Annual Report on Form 10-K for the year ended
December 31, 2019, and subsequent filings with the SEC, which
are available at the SEC’s website at www.sec.gov. Any such
risks and uncertainties could materially and adversely affect
AMAG’s results of operations, its profitability and its cash flows,
which would, in turn, have a significant and adverse impact on
AMAG’s stock price. AMAG cautions you not to place undue reliance
on any forward-looking statements, which speak only as of the date
they are made.
AMAG disclaims any obligation to publicly update or revise any
such statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward‐looking statements.
AMAG Pharmaceuticals® is a registered trademark of AMAG
Pharmaceuticals, Inc.
AMAG CONTACTS:Investors: Linda
Lennox908-627-3424
Media: Sarah Connors781-296-0722
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