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LEXINGTON, Mass., July 3, 2013 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced the appointment of Amit Verma as vice president of marketing. Mr. Verma comes to AMAG with extensive marketing and sales experience, most recently with the oncology division of Sanofi where he served as the global commercial lead for JEVTANA, the only chemotherapeutic option for advanced prostate cancer patients.
"Amit has a great deal of very relevant experience for AMAG's product portfolio, in particular in oncology, where his insights will help shape our marketing strategy for both Feraheme® and MuGard™," said Greg Madison, chief commercial officer of AMAG. "With more than 15 years of commercial experience in companies ranging from small biotechnology organizations to large pharmaceutical companies, his contributions will be extremely valuable as we strive to grow our products and add to our portfolio."
Prior to joining AMAG, Mr. Verma served as global commercial lead for JEVTANA with Sanofi's oncology division, where he was responsible for launching the product in over seventy countries worldwide. Before taking his role at Sanofi, Mr. Verma was the senior director of marketing for Velcade at Millennium Pharmaceuticals. He began his career in the pharmaceutical industry at Novartis Pharmaceuticals Corporation. Mr. Verma received his MBA from Columbia Business School and his BA from Hamilton College.
Inducement Equity Awards
In connection with Mr. Verma's joining the company, effective on the first day of Mr. Verma's employment, Mr. Verma will be granted (i) an option to purchase 30,000 shares of common stock and (ii) 10,000 restricted stock units. The option will have an exercise price equal to the closing price of AMAG's common stock on the grant date and will be exercisable in four equal annual installments beginning on the first anniversary of the grant date. The option will have a ten-year term and be subject to the terms and conditions of the stock option agreement pursuant to which the option will be granted. The restricted stock units will vest in four equal annual installments beginning on the first anniversary of the grant date and will be subject to the restricted stock unit agreement pursuant to which the restricted stock units will be granted. These equity awards will be granted without stockholder approval as inducements material to Mr. Verma's entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).