Vera Therapeutics, Inc., a biopharmaceutical company specializing in pharmaceutical preparations, announced today the appointment of David Johnson as the company's Chief Operating Officer (COO), effective immediately. Johnson, 55, brings extensive experience to the role, having previously served as Chief Commercial Officer at Global Blood Therapeutics (NASDAQ:GBT), which was acquired by Pfizer Inc. (NYSE:PFE), from March 2018 to December 2022.
Johnson's notable achievements include leading the launch of the drug Oxbryta® in 2019. His career also includes a significant tenure at Gilead Sciences, Inc. (NASDAQ:GILD), where he played a pivotal role in launching four hepatitis medicines and overseeing the HIV franchise. Johnson's background is further complemented by an 11-year stint at GlaxoSmithKline (NYSE:GSK) in various capacities.
With an educational foundation in Business Marketing from the University of Puget Sound and an M.B.A. from the Kenan-Flagler Business School at the University of North Carolina, Johnson is set to oversee Vera Therapeutics' operations as the principal operating officer.
Johnson's compensation package includes a $500,000 annual base salary with eligibility for a performance bonus of up to 40%, pro-rated for 2024. Additionally, he received an inducement grant of an option to purchase 160,000 shares of Vera Therapeutics Class A common stock at an exercise price of $36.29 per share. This option is set to vest over four years, with a one-year cliff and monthly vesting thereafter, contingent upon continued employment.
Furthermore, Johnson's employment agreement includes severance provisions that offer nine months of his base salary and health care coverage continuation in the event of a qualifying termination. These benefits increase to 12 months, along with a lump sum equal to his target annual performance bonus, if the termination occurs close to or following a change in control of the company.
The appointment of Johnson is not connected to any arrangement or understanding with other persons, and he has no family relationships with any of Vera Therapeutics' directors or executive officers. Additionally, no material interest transactions involving Johnson that would require disclosure under SEC regulations have been reported.
This news is based on a press release statement and provides a factual account of Vera Therapeutics' latest executive team development.
In other recent news, Vera Therapeutics has been making significant strides with its drug, atacicept, which has been granted Breakthrough Therapy Designation by the FDA.
The designation is a result of Phase 2b ORIGIN trial data, indicating that atacicept could potentially enhance kidney function for patients with IgA nephropathy (IgAN), an autoimmune kidney disease, more effectively than current treatments.
The company plans to release 96-week results from the Phase 2b trial later this year and expects primary endpoint results from the Phase 3 ORIGIN 3 trial in the first half of 2025.
On the governance front, Vera Therapeutics announced the appointment of Christy Oliger to its board of directors. As part of her appointment, Oliger received a nonstatutory stock option to purchase 25,000 shares of Vera Therapeutics' Class A common stock, which will vest over three years. Moreover, she will receive an annual cash retainer of $40,000 and an extra $4,000 for her committee service.
In light of these developments, analysts at Wedbush have maintained their Outperform rating on Vera Therapeutics and increased the share price target to $34 from $21. These recent advancements highlight Vera Therapeutics' continued progress in the sector.
InvestingPro Insights
As Vera Therapeutics welcomes David Johnson as their new COO, investors may be looking closely at the company's financial health and market performance. According to InvestingPro data, Vera Therapeutics has a market capitalization of approximately $1.9 billion. Despite a challenging profitability outlook with an adjusted P/E ratio for the last twelve months as of Q1 2024 standing at -20.23, the company has demonstrated a remarkable price total return of 126.11% over the past year.
InvestingPro Tips suggest that Vera holds more cash than debt on its balance sheet, providing a level of financial stability. The company's liquid assets exceed short-term obligations, which could be a reassuring factor for investors considering the company's financial agility.
Still, analysts have revised their earnings downwards for the upcoming period, and they do not anticipate the company will be profitable this year. For investors interested in a deeper dive into the financials and future outlook of Vera Therapeutics, InvestingPro offers a range of additional tips and insights. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to a total of 10 InvestingPro Tips for Vera Therapeutics at https://www.investing.com/pro/VERA.
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