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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 17, 2023, the Board of Directors (the “Board”) of Amicus Therapeutics, Inc. (the “Company”) appointed Simon Harford as the Chief Financial Officer (principal financial officer) of the Company, effective as of August 21, 2023. Mr. Harford will take the place of Daphne Quimi, who, as previously disclosed, informed the Company of her intention to retire before the end of 2023. Ms. Quimi will remain employed by the Company as Senior Vice President, Finance, for a transition period to ensure an orderly transition of duties and responsibilities.
In connection with his appointment, the Company has entered into an employment agreement (“Employment Agreement”) with Mr. Harford, which provides that his employment will commence on or about August 21, 2023 and outlines his duties and responsibilities and compensation terms. Pursuant to his Employment Agreement, Mr. Harford is entitled to receive an annual base salary of $500,000, and a bonus target under the Company’s 2023 Management Bonus Program of 45% of his base salary. In addition, the Company intends to grant Mr. Harford an initial, one-time equity award under the Amended and Restated 2007 Equity Incentive Plan, comprised of (i) stock options, of which, subject to continued employment, 25% will become exercisable on the first anniversary date of the grant and the remaining 75% will become exercisable in monthly increments thereafter and (ii) restricted stock units with four-year ratable vesting, subject to continued employment, with each of the grants described in (i) and (ii), together, valued in the aggregate at $2,700,000 in accordance with the Company’s grant valuation procedures at the time of grant. Upon approval by the Compensation Committee of the Board, Mr. Harford may be eligible to receive an annual performance equity grant.
The Company has entered into its standard form of indemnification agreement with Mr. Harford, in substantially the form filed with the Securities and Exchange Commission as Exhibit 10.1 to the Company’s Current Report on Form 8-K on December 28, 2022 and incorporated by reference herein.
There are no arrangements between Mr. Harford and any other person pursuant to which he was selected to become the Chief Financial Officer of the Company. Mr. Harford does not have any family relationship with any executive officer or director of the Company, or with any person selected to become an officer or director of the Company. Neither Mr. Harford nor any member of his immediate family has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Prior to joining the Company, Mr. Harford, 63, served as Chief Financial Officer of Albireo Pharma Inc., a leading innovator in bile-acid modulators to treat rare liver conditions, from October 2018. Prior to that, Mr. Harford served as Chief Financial Officer of Parexel International, Inc., a leading global clinical research organization, from May 2017 to October 2018. Prior to that, Mr. Harford served as Senior Vice President, Finance of GlaxoSmithKline plc, Group Vice President and Controller of Avon Products, Inc. and a variety of financial-oriented roles at Eli Lilly and Company.
Mr. Harford holds a Master of Business Administration from Darden Graduate School of Business Administration at the University of Virginia.
The above description of the Employment Agreement is a summary only. A copy of the Employment Agreement will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
Item 7.01. – Regulation FD Disclosure.
On August 21, 2023, the Company issued a press release announcing the appointment of Simon Harford as Chief Financial Officer. A copy of the press release issued by the Company is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Act”), or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Act.
Item 9.01 Financial Statements and Exhibits
|Press Release dated August 21, 2023
|Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|AMICUS THERAPEUTICS, INC.
|Date: August 21, 2023
|/s/ Ellen S. Rosenberg
|Name: Ellen S. Rosenberg
|Title: Chief Legal Officer and Corporate Secretary
Amicus Therapeutics Appoints Simon Harford as Chief Financial Officer
-Daphne Quimi to Retire At Year End-
PHILADELPHIA, PA, August 21, 2023 – Amicus Therapeutics (Nasdaq: FOLD), a patient-dedicated global biotechnology company focused on developing and commercializing novel medicines for rare diseases, today announced that Simon Harford has been appointed Chief Financial Officer, effective immediately. Simon brings extensive financial leadership experience, having served in significant finance roles in two global pharmaceutical companies as well as most recently as a public company CFO in the biotechnology industry. Daphne Quimi has decided to retire and will remain an Amicus employee through the end of the year to ensure a smooth transition.
“The Board of Directors and I offer our gratitude and best wishes to Daphne, who has made a far-reaching and positive impact on the financial strength of our company and the lives of people living with rare diseases. For more than 15 years, she has led us through multiple significant chapters of our growth toward our vision to become a leading biotechnology company. We look forward to a seamless transition as we expect to achieve profitability in the second half of 2023 and thank Daphne for ensuring our success during that period,” said Bradley Campbell, President and Chief Executive Officer of Amicus Therapeutics. “We’re thrilled to have Simon join the Executive Team here at Amicus as our new Chief Financial Officer. His substantial financial experience and expertise across the healthcare industry will be a tremendous benefit to Amicus as we move into the next phase of our journey to profitability and continue our mission to bring innovative new therapies to those living with rare diseases.”
“The evolution of this company and its team over the past 15 years has been nothing short of extraordinary. It was my great honor to help develop its growth and build the foundation for its continued performance,” said Daphne Quimi. “I look forward to working with Simon to support our global operations on behalf of the rare disease community.”
“Amicus presents an ideal opportunity to join a winning team and serve alongside outstanding leadership,” said Simon Harford, Chief Financial Officer of Amicus Therapeutics. “With a unique positioning and strong commercial infrastructure, Amicus’ momentum is only increasing, and I look forward to bringing my expertise to support that trajectory.”
Mr. Harford brings extensive finance experience in the pharmaceutical and healthcare industry both in the U.S. and internationally. Simon most recently served as Chief Financial Officer of Boston-based biotech Albireo Pharma Inc., a rare pediatric liver disease company, until its sale to Ipsen. Previously he was Chief Financial Officer at PAREXEL International Corporation, a leading global clinical research organization, where he led the financial aspects of the transition from a public to a private equity owned company. Overall, Simon’s career in healthcare spans more than three decades including senior leadership positions in finance and investor relations at GlaxoSmithKline plc and Eli Lilly and Company.
About Amicus Therapeutics
Amicus Therapeutics (Nasdaq: FOLD) is a global, patient-dedicated biotechnology company focused on discovering, developing and delivering novel high-quality medicines for people living with rare diseases. With extraordinary patient focus, Amicus Therapeutics is committed to advancing and expanding a pipeline of cutting-edge, first- or best-in-class medicines for rare diseases. For more information please visit the company’s website at www.amicusrx.com, and follow on Twitter and LinkedIn.
Forward Looking Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as, but not limited to, “look forward to,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” "confidence," "encouraged," “potential,” “plan,” “targets,” “likely,” “may,” “will,” “would,” “should” and “could,” and similar expressions or words identify forward-looking statements. The forward-looking statements included in this press release are based on management's current expectations and beliefs which are subject to a number of risks, uncertainties and factors, including that the Company will not be able to achieve non-GAAP profitability in 2023 or at any time. In addition, all forward-looking statements are subject to the other risks and uncertainties detailed in our Annual Report on Form 10-K for the year ended December 31, 2022. As a consequence, actual results may differ materially from those set forth in this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to revise this press release to reflect events or circumstances after the date hereof.
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