WALTHAM, Mass., June 9, 2015 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced the appointment of Aaron Pelta as vice president of business development and transactions, reporting to Melissa Klug, senior vice president of business development and strategy. Mr. Pelta comes to AMAG with more than 15 years of experience in corporate and business development, commercialization, strategy and operations, having executed multiple mergers, acquisitions and licensing deals.
"We're delighted to welcome Aaron to AMAG and are pleased to have his strong abilities on board at a time when business development is a core strategic focus for our company," said Ms. Klug. "Aaron's extensive experience in leading all aspects of the transactional phase for a variety of opportunities will be extremely valuable as we pursue patient-focused therapies to build a diversified, multi-product pharmaceutical company."
Prior to joining AMAG, Mr. Pelta served in various positions of increasing responsibility in the business development and commercial groups at Cubist Pharmaceuticals from 2004 to 2015, including senior director, business development, where he led the transaction teams responsible for the acquisitions of Optimer Pharmaceuticals and Adolor Pharmaceuticals. Most recently, Mr. Pelta served as the brand lead for DIFICID, where he led the commercial re-launch of the product. Prior to Cubist, he worked in the commercial analytics group at Biogen, where he supported the sales and marketing teams in launching Amevive. He also served in research & development and engineering roles at Gamera Bioscience and Praxair, Inc. Mr. Pelta holds a bachelor's of science in chemical engineering from Tufts University and a master's of business administration from the Tuck School of Business at Dartmouth College.
Inducement Equity Awards
In connection with Mr. Pelta's entering into employment with AMAG, he will be granted (i) an option to purchase 9,000 shares of common stock and (ii) 2,500 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. Pelta entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
AMAG Pharmaceuticals, Inc. is a specialty pharmaceutical company with a focus on maternal health, anemia and cancer supportive care. The primary goal of AMAG is to bring to market therapies that provide clear benefits and improve patients' lives. In addition to continuing to pursue opportunities to make new advancements in patients' health and to enhance treatment accessibility, AMAG intends to continue to expand and diversify its portfolio through the in-license or purchase of additional pharmaceutical products or companies. For additional company information, please visit www.amagpharma.com.
Forward Looking Statements
This press release contains forward-looking statements 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 but not limited to statements regarding the contributions and responsibilities of Mr. Pelta and AMAG's plans to pursue patient-focused therapies to build a diversified, multi-product pharmaceutical company 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, AMAG's ability to attract and retain key employees, and the resulting disruptions to AMAG's operations if we fail to do so and such other risks identified in AMAG's Securities and Exchange Commission (SEC) filings, including AMAG's Annual Report on Form 10-K for the year ended December 31, 2014 and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
We disclaim 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. Lumara Health™ is a trademark of Lumara Health Inc.
CONTACT: AMAG Pharmaceuticals, Inc. Linda Lennox Vice President, Investor Relations & Corporate Communications 617-498-2846