WALTHAM, Mass., May 02, 2018 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) today announced the appointment of J. Alan Butcher as executive vice president and chief business officer effective immediately. He reports to William Heiden, president and chief executive officer.
In his role at AMAG, Mr. Butcher is responsible for leading the company’s overall business development efforts, with a focus on continuing to expand the portfolio with products that address unmet patient needs. Additionally, he oversees the company's alliance management team, and leads the corporate strategy function in close collaboration with Mr. Heiden, the senior leadership team, and the board of directors.
“I am very pleased to welcome Alan to AMAG’s senior leadership team. He joins us at an exciting time as we execute three product launches and prepare for an additional potential new product launch next year,” said William Heiden. “AMAG is well positioned to develop and commercialize new therapies for patients, and under Alan’s leadership, I’m confident that we will continue to remain focused on building a pipeline of products that will drive long-term growth, and create significant shareholder value.”
Mr. Butcher brings extensive technical, scientific, strategic, and business development experience to AMAG with his nearly two decades of corporate development work in large and medium-sized pharmaceutical companies. Most recently he served as senior vice president, licensing and business development for Purdue Pharma. Prior to Purdue, he led a global business development team and was responsible for identifying, evaluating and negotiating expansion opportunities at Shire Pharmaceuticals. Earlier in his career, Mr. Butcher conducted scientific research in areas of molecular genetics, virology and cardiovascular drug discovery.
Mr. Butcher holds a Bachelor’s of Science in Clinical Microbiology and a Master’s of Science in Biology with a concentration in Molecular Biology and Genetics from West Chester University of Pennsylvania. He is also a graduate of Cornell University’s Johnson Graduate School of Management.
Inducement Equity Awards
In connection with Mr. Butcher entering into employment with AMAG, the Board of Directors of AMAG approved awards to Mr. Butcher of (i) an option to purchase 62,393 shares of common stock and (ii) 28,418 restricted stock units. 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 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. The restricted stock units will vest in three equal annual installments beginning on the first anniversary of the grant date and will be subject to the restricted stock unit agreement pursuant to which the restricted stock units will be granted. These equity awards will be granted without stockholder approval as inducements material to Mr. Butcher entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
About AMAG
AMAG is a biopharmaceutical company focused on developing and delivering important therapeutics, conducting clinical research in areas of unmet need and creating education and support programs for the patients and families we serve. Our currently marketed products support the health of patients in the areas of maternal and women’s health, anemia management and cancer supportive care. Through CBR®, we also help families to preserve newborn stem cells, which are used today in transplant medicine for certain cancers and blood, immune and metabolic disorders, and have the potential to play a valuable role in the ongoing development of regenerative medicine. For additional company information, please visit www.amagpharma.com.
