THE MEDICINES COMPANY (NASDAQ:MDCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 15, 2019, The Medicines Company (the “Company”) and Christopher Cox, executive vice president and chief corporate development of the Company, entered into a separation agreement and release (the “Separation Agreement”). to the Separation Agreement, Mr. Cox’s employment with the Company terminated on March 15, 2019 (the “Termination Date”). to the terms of the Separation Agreement, Mr. Cox will be entitled to the following severance benefits: (i) for a period of twelve (12) months after the Termination Date, reimbursement of COBRA health care premiums actually paid by Mr. Cox; (ii) accelerated vesting of all outstanding equity awards previously granted to Mr. Cox and outstanding immediately prior to the Termination Date that would have vested within eighteen (18) months after the Termination Date (assuming Mr. Cox had continued to be employed by the Company during such 18-month period); and (iii) an extended period to exercise vested options for a period of twelve (12) months after the Termination Date. The severance benefits are conditioned upon Mr. Cox not revoking a release of claims in favor of the Company and continuing compliance with his non- solicitation and nondisclosure obligations. In addition, Mr. Cox has agreed that he will hold all equity of the Company for at least twelve (12) months from the Termination Date, subject to certain permitted exceptions.
The foregoing is a summary description of the Separation Agreement and does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, a copy of which will be filed as an exhibit to the Company’s next quarterly report on Form 10-Q after the Separation Agreement becomes irrevocable. Interested parties should read that document in its entirety.
About THE MEDICINES COMPANY (NASDAQ:MDCO)
The Medicines Company is a global biopharmaceutical company. The Company’s marketed products include Angiomax (bivalirudin), Cleviprex (clevidipine) injectable emulsion, Ionsys (fentanyl iontophoretic transdermal system), Kengreal (cangrelor), Minocin (minocycline) for injection, and Orbactiv (oritavancin). Its pipeline of acute and intensive care hospital products in development include ABP-700, ALN-PCSsc, Carbavance and MDCO-216. It sells a ready to use formulation of Argatroban and has a portfolio of over 10 generic drugs, which is referred as acute care generic products. It sells over three acute care generic products, including midazolam, ondansetron and rocuronium. The Company’s products include Angiomax, which is a direct thrombin inhibitor; Cleviprex, which is a calcium channel blocker; Ionsys, which is a patient-controlled analgesia system; Kengreal, which is an antiplatelet agent; Minocin IV, which is a tetracycline-class antibiotic, and Orbactiv, which is an antibiotic.