BeiGene Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
CAMBRIDGE, Mass., and BEIJING, China, Sept. 04, 2018 (GLOBE NEWSWIRE) -- BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160), a commercial-stage biopharmaceutical company focused on developing and commercializing innovative molecularly targeted and immuno-oncology drugs for the treatment of cancer, today announced that on August 31, 2018, the Compensation Committee of BeiGene’s Board of Directors granted restricted share units for an aggregate of 46,896 American Depositary Shares (ADSs) and non-qualified share options to purchase an aggregate of 6,108 ADSs to 174 new employees under BeiGene’s Amended and Restated 2018 Inducement Equity Plan.
The Amended and Restated 2018 Inducement Equity Plan is used exclusively for the grant of equity awards to individuals who were not previously employed by BeiGene or one of its subsidiaries as an inducement material to such individual's entering into employment with BeiGene or one of its subsidiaries, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The restricted share units will vest 25 percent on each anniversary of the grant, subject to the employees’ continued employment with BeiGene or one of its subsidiaries. The options have an exercise price of $177.53 per share, which is equal to the higher of the closing price of BeiGene’s ADSs on The NASDAQ Stock Market on August 31, 2018 and the average of the closing price of BeiGene’s ADSs on the five trading days preceding that date. Each share option will vest and become exercisable as to 25% of the shares on the first anniversary of the grant, and will vest and become exercisable as to the remaining 75% of the shares in 36 equal monthly installments following the first anniversary, in each case, subject to the employees’ continued employment with BeiGene on such vesting dates. The restricted share units and options are subject to the terms and conditions of BeiGene’s Amended and Restated 2018 Inducement Equity Plan and forms of award agreements covering the grants.
BeiGene is a global, commercial-stage, research-based biotechnology company focused on molecularly-targeted and immuno-oncology cancer therapeutics. With a team of over 1,300 employees in China, the United States, Australia and Switzerland, BeiGene is advancing a pipeline consisting of novel oral small molecules and monoclonal antibodies for cancer. BeiGene is also working to create combination solutions aimed to have both a meaningful and lasting impact on cancer patients. BeiGene markets ABRAXANE® (nanoparticle albumin–bound paclitaxel), REVLIMID® (lenalidomide), and VIDAZA® (azacitidine) in China under a license from Celgene Corporation.i
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i ABRAXANE®, REVLIMID®, and VIDAZA® are registered trademarks of Celgene Corporation.