BASEL, Switzerland, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Myovant Sciences (NYSE: MYOV), a healthcare company focused on redefining care for women and for men, today announced that it approved equity awards to David Marek in connection with his previously-announced employment by Myovant Sciences, Inc. (MSI) as its chief executive officer, which consisted of restricted stock units (RSUs) to acquire 223,076 common shares of Myovant Sciences Ltd. (Myovant), and an option to purchase 306,427 Myovant common shares. In addition, Myovant granted RSUs to acquire an aggregate of up to 87,300 Myovant common shares to eight other new employees joining MSI. The equity awards were granted to Mr. Marek and the other employees on January 15, 2021 under the 2020 Inducement Plan in accordance with NYSE’s Listed Company Manual Rule 303A.08.
One-fourth of the shares underlying of Mr. Marek’s and other employees’ RSUs will vest on the one-year anniversary of the grant date, with the balance of the common shares vesting in twelve equal quarterly installments thereafter, in each case, subject to each applicable person’s continued employment with Myovant or one of its subsidiaries on such vesting dates. One-fourth of the shares underlying Mr. Marek’s option will vest on the one-year anniversary of the grant date, with the balance of the common shares vesting in twelve equal quarterly installments thereafter, in each case, subject to his continued employment with Myovant or one of its subsidiaries on such vesting dates. The option has an exercise price of $20.54, the closing price of a Myovant common share on the date of grant. The equity awards are subject to the terms and conditions of the 2020 Inducement Plan and the applicable equity award agreements.
About Myovant Sciences
Myovant Sciences aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. Our lead product candidate, relugolix, is a once-daily, oral GnRH receptor antagonist. Relugolix (120 mg) is FDA-approved as ORGOVYX™ for adult patients with advanced prostate cancer. Relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) is under regulatory review in Europe and the U.S. for women with uterine fibroids and is under development for women with endometriosis. We are also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., is our majority shareholder. For more information, please visit our website at www.myovant.com. Follow @Myovant on Twitter and LinkedIn.
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