SOURCE: Horizon Pharma

Horizon Pharma

March 06, 2014 07:30 ET

Horizon Pharma Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

DEERFIELD, IL--(Marketwired - Mar 6, 2014) -  Horizon Pharma, Inc. (NASDAQ: HZNP) today announced that the Compensation Committee of its Board of Directors granted inducement awards to two new employees.

In connection with his appointment as Horizon's Executive Vice President and Chief Business Officer, effective as of March 5, 2014, the Compensation Committee granted the following awards to of Robert F. Carey: (1) a stock option to purchase up to 140,000 shares of Horizon's common stock, with a per share exercise price equal to $13.34, 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 Mr. Carey's continuous service through each vesting date; (2) a stock option to purchase up to 100,000 shares of Horizon's common stock, with a per share exercise price equal to $13.34, the fair market value on the grant date, that will vest over one year, with 1/12th of the underlying shares vesting each month, subject to Mr. Carey's continuous service through each vesting date; and (3) a restricted stock unit award representing the right to receive up to 124,100 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 Mr. Carey's continuous service through each vesting date.

Effective on March 4, 2014, the Compensation Committee also granted the following awards to a non-executive new employee: (1) a stock option to purchase up to 55,000 shares of Horizon's common stock, with a per share exercise price equal to $12.99, 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 representing the right to receive up to 45,000 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. 

Each of the awards described above were granted under Horizon's 2011 Equity Incentive Plan as inducements material to the new employee entering into employment with Horizon 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®, RAYOS®/LODOTRA® and VIMOVO®, 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.

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    Robert J. De Vaere
    Executive Vice President and Chief Financial Officer
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