Yahoo Finance Enanta Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
WATERTOWN, Mass., April 30, 2024--(BUSINESS WIRE)--Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), a clinical-stage biotechnology company dedicated to creating small molecule drugs for virology and immunology indications, today announced that effective April 29, 2024, the Compensation Committee of Enanta Pharmaceuticals’ Board of Directors granted employment inducement awards to Matthew P. Kowalsky, Enanta’s new Chief Legal Officer, consisting of a non-qualified stock option to purchase 150,000 shares of its common stock, performance share units (PSUs) for 4,468 shares of its common stock, and relative total stockholder return units (rTSRUs) for 4,468 shares of its common stock, under the company’s 2024 Inducement Stock Incentive Plan.
The 2024 Inducement Stock Incentive Plan has been adopted by the Board of Directors to be used exclusively for the grant of equity awards to any individual who was not previously an employee or non-employee director of Enanta Pharmaceuticals, as an inducement material to such individual's entering into employment with Enanta Pharmaceuticals, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
The stock option granted to Mr. Kowalsky has an exercise price equal to the closing price of Enanta Pharmaceuticals’ common stock on April 29, 2024. The option will vest as to 25% of the underlying shares on the first anniversary of the date of grant and in 12 substantially equal quarterly increments thereafter, subject to Mr. Kowalsky’s continued employment on each vesting date. The PSUs granted to him have the same terms as PSUs awarded to the company’s other executive officers in December 2023 and will vest based on high levels of company performance against specific research and development and non-financial business objectives over the two-year period ending December 31, 2025. The rTSRUs also have the same terms as rTSRUs awarded to the company’s other executive officers in December 2023 and will vest based on the relative total stockholder return on the company’s common stock versus the stocks of the other companies in the Nasdaq Biotechnology Index when comparing the average closing stock prices in the last 60 days of 2023 to the comparable period in 2025. In each case the benefit of the PSUs and rTSRUs is subject to the unit holder’s continued employment on the settlement date in February 2026. The option and units are subject to the terms and conditions of Enanta Pharmaceuticals' 2024 Inducement Stock Incentive Plan and the respective terms and conditions of the stock option and unit agreements covering these awards.
About Enanta Pharmaceuticals, Inc.
Enanta is using its robust, chemistry-driven approach and drug discovery capabilities to become a leader in the discovery and development of small molecule drugs for virology and immunology indications. Enanta’s research and development programs are currently focused on respiratory syncytial virus (RSV) and chronic spontaneous urticaria (CSU) and the company has previously advanced clinical-stage compounds for SARS-CoV-2 (COVID-19) and chronic hepatitis B virus (HBV) infection.
Glecaprevir, a protease inhibitor discovered by Enanta, is part of one of the leading treatment regimens for curing chronic hepatitis C virus infection (HCV) and is sold by AbbVie in numerous countries under the trade names MAVYRET®(U.S.) and MAVIRET®(ex-U.S.) (glecaprevir/pibrentasvir). A portion of Enanta’s royalties from HCV products developed under its collaboration with AbbVie contribute ongoing funding to Enanta’s operations. Please visit http://www.enanta.com for more information.
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Contacts
Media and Investors Contact
Jennifer Viera
jviera@enanta.com
