Summary
Alnylam Pharmaceuticals, Inc. (ALNY) announced a significant change in its financial leadership with the appointment of Manmeet S. Soni as Senior Vice President, Chief Financial Officer (CFO), and principal financial officer, effective May 9, 2017. This appointment marks a transition for Michael P. Mason, who had temporarily held the principal financial officer role. Mr. Soni brings substantial experience from senior financial positions at ARIAD Pharmaceuticals and Pharmacyclics, both of which underwent significant corporate events (acquisitions), suggesting he is well-versed in navigating complex financial landscapes during periods of transition and growth.
Key Highlights
- 1Appointment of Manmeet S. Soni as Chief Financial Officer (CFO) and principal financial officer, effective May 9, 2017.
- 2Mr. Soni's background includes CFO roles at ARIAD Pharmaceuticals and Pharmacyclics, with experience in company acquisitions and transitions.
- 3Mr. Soni will receive an annual base salary of $490,000.
- 4A sign-on bonus of $100,000 is provided, with an additional $50,000 bonus on the first anniversary of employment, subject to repayment provisions.
- 5Mr. Soni is eligible for an annual cash bonus with a target of 40% of his base salary, based on performance goals.
- 6Grant of 150,000 non-qualified stock options with a $52.61 exercise price, material to Mr. Soni's employment agreement.
- 7A portion of the stock options (125,000) vests over four years, while another portion (25,000) vests upon the later of one year or the launch of the company's first internally developed product.
Frequently Asked Questions
Manmeet S. Soni has been appointed as the new Senior Vice President, Chief Financial Officer, and principal financial officer of Alnylam Pharmaceuticals, Inc., effective May 9, 2017.
Mr. Soni has extensive experience in the biopharmaceutical industry, most recently serving as Executive Vice President, CFO, and Treasurer of ARIAD Pharmaceuticals. Prior to that, he was the CFO of Pharmacyclics, Inc., and also held financial roles at ZELTIQ Aesthetics and PricewaterhouseCoopers.
Mr. Soni will receive an annual base salary of $490,000, a $100,000 sign-on bonus, and an additional $50,000 bonus after one year. He is also eligible for an annual performance-based bonus (target 40% of base salary) and was granted 150,000 stock options.
Of the 150,000 stock options granted, 125,000 vest over four years, with 25% vesting on the first anniversary and the remainder vesting ratably over the subsequent three years. The remaining 25,000 options vest upon the later of the first anniversary of the grant date or the launch of the company's first internally developed product, provided he remains employed.