Arvinas, Inc., a biopharmaceutical company, announced the appointment of Andrew Saik as Chief Financial Officer (CFO), Treasurer, and Principal Financial (NASDAQ:PFG) Officer, effective today, according to an 8-K filing with the Securities and Exchange Commission. Saik, 54, brings over two decades of finance experience in the biopharmaceutical industry to Arvinas. His most recent role was CFO at Intercept Pharmaceuticals, where he managed investor relations and communications through multiple Phase 3 data releases from June 2021 to June 2024.
Before Intercept, Saik served as CFO of Vyne Therapeutics from 2020 to 2021, overseeing the finance department's expansion in the U.S., renegotiating debt, and aiding in raising over $135 million for operations. His prior positions include CFO roles at PDS Biotechnology (NASDAQ:PDSB), Vertice Pharma, and Auxilium Pharmaceuticals, and Senior Vice President of Finance and Treasurer at Endo Health Solutions.
Saik's employment agreement with Arvinas includes a base salary of $525,000 and a performance-based annual cash bonus target of up to 45% of his base salary. Additionally, he was granted options to purchase 94,418 shares of Arvinas common stock and 61,409 restricted stock units (RSUs), vesting over four years. These equity awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).
In case of termination, Saik is entitled to his base salary for nine months and health coverage premiums for the same period, provided certain conditions are met. If termination occurs within 12 months following a change in control, the benefits extend to 12 months of base salary, health coverage premiums, a lump sum payment equal to 100% of his target bonus, and full vesting acceleration of his equity awards.
Saik's appointment follows the interim tenure of Randy Teel, Ph.D., who filled the CFO position during the search for a permanent replacement. There are no reported family relationships between Saik and any director or executive officer of the company, nor does he have any material interest in transactions requiring disclosure.
The information for this article is based on a press release statement.
In other recent news, Arvinas, Inc. has seen significant changes in its executive team and financial forecasts. Andrew Saik has been appointed as the new Chief Financial Officer and Treasurer, bringing over 20 years of biopharma finance experience to the table. Additionally, Ian Taylor, Ph.D., has been promoted to President of Research and Development, while Angela Cacace, Ph.D., has taken on the role of Chief Scientific Officer.
Arvinas has also reported positive results from a Phase 1b trial of vepdegestrant, a drug being developed in collaboration with Pfizer (NYSE:PFE), for the treatment of advanced ER+/HER2- breast cancer. This drug is currently undergoing evaluation in Phase 3 trials.
On the financial front, analysts have revised Arvinas' EPS estimates for 2024 to $(5.27) from previous $(6.37) and for 2025 to $(5.55) from previous $(6.84). Revenue estimates for 2024 have been adjusted down to $124 million from $132 million, with $197 million anticipated in 2025.
In terms of analyst notes, both Truist Securities and Oppenheimer have maintained their positive ratings on Arvinas. Truist Securities retains its Buy rating, while Oppenheimer reiterates its Outperform rating with a steady price target of $70.00. Both firms underscored the potential of the company's Vepdeg program and Pfizer's ongoing involvement despite recent market fluctuations. These are the recent developments in the company's journey.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.