COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Samuel Nussbaum, M.D. to Board of Directors
On May9, 2018, upon the recommendation of its Nominating and Corporate Governance Committee (the “Nominating Committee”), the Board of Directors (the “Board”) of Coherus BioSciences, Inc. (the “Company”) increased the size of the Board from seven directors to eight directors and appointed Dr.Samuel Nussbaum to fill the vacancy created by such increase. Dr.Nussbaum was appointed as a ClassII director, with a term of office expiring at the Company’s 2019 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal.
Dr.Nussbaum, age 69, currently serves as a Strategic Consultant to EBG Advisors, consulting arm for Epstein Becker and Green, where he advises life science companies, health care systems and provider organizations. He also serves as a Senior Advisor to Sandbox Industries, a health care venture fund and the Ontario Teachers’ Pension Plan. From 2000 until 2016, Dr.Nussbaum served as Executive Vice President, Clinical Health Policy, and Chief Medical Officer for Anthem. In that role, he was the key spokesperson and policy advocate and oversaw clinical strategy and corporate medical and pharmacy policy. Prior to joining Anthem, Dr.Nussbaum served as executive vice president, Medical Affairs and System Integration of BJC Health Care. Dr.Nussbaum had a 20-year academic career at Massachusetts General Hospital and Harvard Medical School where he led the Clinical Endocrine Group Practice.
Dr.Nussbaum received his B.A. from New York University and his M.D. from Mount Sinai School of Medicine. He trained in internal medicine at Stanford University and Massachusetts General Hospital and in endocrinology at Harvard Medical School and Massachusetts General Hospital. Dr.Nussbaum is a Professor of Clinical Medicine at Washington University School of Medicine, an adjunct professor at the Olin School of Business, Washington University and a Senior Fellow at the USC Schaeffer Center for Health Policy and Economics. Dr.Nussbaum was selected as a director because of his significant experience and background in the health care policy industry.
As a non-employee director, Dr.Nussbaum will receive compensation in accordance with the Company’s director compensation policy, which is described under the heading “Non-Employee Director Compensation” in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April13, 2018. to this policy, upon appointment to the Board, Dr.Nussbaum will receive an annual cash retainer in the amount of $45,000 and an option under the Company’s 2014 Equity Incentive Award Plan to purchase 40,000 shares of the Company’s common stock with an exercise price equal to the closing price of the Company’s common stock on the date of the grant. The option will vest and become exercisable in substantially equal monthly installments over three years, subject to Dr.Nussbaum’s continued service to the Company through each applicable vesting date.
In accordance with the Company’s customary practice, it is expected that the Company will enter into its standard form of indemnification agreement for directors and officers with Dr.Nussbaum, which will require the Company to indemnify Dr.Nussbaum against certain liabilities that may arise as result of his status or service as a director. The description of Dr.Nussbaum’s indemnification agreement is qualified in its entirety by the full text of the form of indemnification agreement, which is attached to the Company’s Form S-1/A filed with Securities and Exchange Commission on October24, 2014 as Exhibit10.13.
There were no arrangements or understandings between Dr.Nussbaum, and any other person to which Dr.Nussbaum was appointed as a member of the Board. There have been no transactions in which Dr.Nussbaum has an interest that would be reportable under Item404(a) of RegulationS-K.
Item 5.02 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description |
| 99.1 | Press release dated May10, 2018. |
Coherus BioSciences, Inc. ExhibitEX-99.1 2 d587139dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Coherus BioSciences Appoints Samuel Nussbaum,…To view the full exhibit click here
About COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS)
Coherus BioSciences, Inc. is a late-stage clinical biologics platform company. The Company is focused on the global biosimilar market. The Company operates through developing and commercializing biosimilar products segment. Its business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta), in late clinical-stage, and bevacizumab (Avastin), in preclinical-stage; Immunology (Anti-TNF) biosimilar candidates, etanercept (Enbrel) and adalimumab (Humira), which are both in late clinical-stage; Ophthalmology biosimilar candidate ranibizumab (Lucentis) in preclinical stage, and Multiple sclerosis small molecule therapeutic candidate, CHS-131 (formerly INT-131), in Phase II proof-of-concept trial. Its long-acting granulocyte colony-stimulating factor (G-CSF) product candidate, CHS-1701, is a pegfilgrastim (Neulasta) biosimilar. Its clinical-stage pipeline consists of two anti-Tumor Necrosis Factors (anti-TNFs).
