DEERFIELD, IL -- (Marketwired) -- 12/19/13 --
Horizon Pharma, Inc. (NASDAQ: HZNP) today announced that on December 18, 2013 the Compensation Committee of its Board of Directors approved the grant of inducement stock options to purchase an aggregate of 88,800 shares of common stock to 22 new employees.
Each stock option has an exercise price per share equal to $6.78, the fair market value on the grant date, and vests over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and 1/48 of the shares vesting monthly thereafter, subject to the new employee's continued service relationship with the Company. Each stock option also has a ten year term and is subject to the terms and conditions of the Company's 2011 Equity Incentive Plan and the stock option agreement pursuant to which the option was granted.
The stock options were granted as inducements material to the new employees entering into employment with Horizon Pharma in accordance with NASDAQ Listing Rule 5635(c)(4).
About Horizon Pharma
Horizon Pharma, Inc. is a commercial stage, specialty pharmaceutical company that markets DUEXIS®, RAYOS®/LODOTRA® and VIMOVO®, which target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company's strategy is to develop, acquire or in-license additional innovative medicines where it can execute a targeted commercial approach among specific target physicians such as primary care physicians, orthopedic surgeons, and rheumatologists, while taking advantage of its commercial strengths and the infrastructure the Company has put in place. For more information, please visit www.horizonpharma.com.
Robert J. De Vaere
Executive Vice President and Chief Financial Officer
Source: Horizon Pharma
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