DEERFIELD, IL -- (Marketwired) -- 04/23/14 -- Horizon Pharma, Inc. (NASDAQ: HZNP) today announced that on April 23, 2014 the Compensation Committee of its Board of Directors granted inducement awards to 10 new employees.
Effective on April 23, 2014, the Compensation Committee granted: (1) stock options to ten new non-executive employees to purchase up to 76,500 shares of Horizon's common stock, with a per share exercise price equal to $14.40, the fair market value on the grant date, that will vest over four years, with 25% of the underlying shares vesting after one year and an additional 1/48th of the underlying shares vesting monthly thereafter, subject to the employee's continuous service through each vesting date; and (2) a restricted stock unit award to one new non-executive employee representing the right to receive up to 40,500 shares of Horizon's common stock, with 1/4th of the shares subject to the award vesting on each anniversary of the grant date, subject to the employee's continuous service through each vesting date.
The awards described above were granted under Horizon's 2011 Equity Incentive Plan 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®, VIMOVO® and RAYOS®/LODOTRA®, 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.