AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today announced the appointment of Greg Madison as executive vice president and chief commercial officer. Mr. Madison brings a wealth of hands-on commercial experience and extensive leadership skills to AMAG. He joins AMAG from Genzyme Corporation, where he spent the past 12 years in various commercial roles in their renal division, most recently as the division’s vice president and general manager.
“Through his distinguished career at Genzyme, Greg has had the opportunity to lead almost every commercial function relevant to buy-and-bill products, which makes him uniquely qualified to lead the commercial team at AMAG and drive the continued growth of Feraheme®,” said William Heiden, president and chief executive officer of AMAG. “His experience in the chronic kidney disease (CKD) market will help us identify new ways to drive growth of Feraheme within our current indication.”
Heiden continued, “Additionally, Greg has driven the strategy development, planning and execution of several product launches – this experience will be invaluable to AMAG as we prepare for the potential regulatory approval of Feraheme for the treatment of iron deficiency anemia in a broader patient population. We will also benefit from Greg’s broad experience in our business development efforts, as he will play a key role in the evaluation and the commercialization of new acquired or in-licensed assets in the future. We are really pleased to welcome Greg to AMAG.”
Since joining Genzyme in 2000, Mr. Madison developed extensive commercial and general management expertise as he progressed into roles of increasing responsibilities and leadership, culminating in his most recent role as vice president and general manager for the renal division. In this role, Mr. Madison led a global organization with three marketed products in 76 countries and drove top-line growth, with combined revenues exceeding $1 billion. Mr. Madison’s prior experience in the division includes serving as vice president and general manager of the U.S. business; vice president of U.S. sales; and vice president of U.S. marketing where he led all pre-launch preparation for Renvela, now the leading phosphate binder in the U.S. market. During his tenure with Genzyme, Mr. Madison also had roles in sales management, training, and managed markets and reimbursement. Prior to joining Genzyme, Mr. Madison spent five years at Jannsen Pharmaceuticals in sales and sales management roles, and began his career in the pharmaceutical industry in sales with Wyeth-Ayerst.
Mr. Madison commented, “I am pleased to join AMAG during this very important time in the company's development. There are a multitude of patients who suffer from the devastating effects of iron deficiency anemia and are in need of effective new treatment options. Over the next 12 months, we will look to significantly increase Feraheme adoption in the CKD market, while we plan and prepare for the potential launch for the broader IDA population, pending regulatory approval. I look forward to working with our team to bring forward innovative solutions for patients and caregivers alike."
Mr. Madison is an active Board member of, and a member of the Operations Committee with, Kidney Care Partners, a Washington DC based organization that is focused on legislative, regulatory and public policy issues related to patients with CKD. He holds a Bachelor of Business Administration in Finance from the University of Massachusetts, Amherst.
Inducement Equity Awards
In connection with Mr. Madison’s entry into his employment agreement, effective on the first day of Mr. Madison’s employment, Mr. Madison will be granted (i) an option to purchase 75,000 shares of common stock and (ii) 35,000 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. Madison’s entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
AMAG Pharmaceuticals, Inc. is a specialty pharmaceutical company that manufactures and markets Feraheme® (ferumoxytol) Injection for Intravenous (IV) use in the United States. Along with driving organic growth of its lead product, AMAG intends to expand its portfolio with additional commercial-stage specialty pharmaceuticals. The company is seeking complementary products that leverage the company’s commercial footprint and focus on hematology and oncology centers and hospital infusion centers. For additional company information, please visit www.amagpharma.com.
About Feraheme® (ferumoxytol)/Rienso
In the United States, Feraheme® (ferumoxytol) Injection for Intravenous (IV) use is indicated for the treatment of iron deficiency anemia in adult chronic kidney disease (CKD) patients. Feraheme received marketing approval from the U.S. Food and Drug Administration on June 30, 2009 and was commercially launched by AMAG in the U.S. shortly thereafter. Ferumoxytol received marketing approval in Canada in December 2011, where it is marketed by Takeda as Feraheme®, and in the European Union in June 2012 and Switzerland in August 2012, where it is marketed by Takeda as Rienso®. For additional product information, please visit www.feraheme.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to statements regarding: the market for Feraheme; the approval of the supplemental new drug application Feraheme for a broader patient population; Mr. Madison’s contributions to AMAG and the intended expansion and focus of AMAG’s product portfolio; the company’s intent to drive organic growth of Feraheme; and the company’s plans to seek complementary commercial products to add to its portfolio are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include: (1) uncertainties regarding our and Takeda's ability to successfully compete in the intravenous iron replacement market both in the US and outside the US, including the EU, (2) uncertainties regarding our ability to successfully and timely complete our clinical development programs and obtain regulatory approval for Feraheme/Rienso in the broader IDA indication both in the US and outside of the US, including the EU, (3) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso, (4) uncertainties regarding the manufacture of Feraheme/Rienso, (5) uncertainties relating to our patents and proprietary rights both in the US and outside the US, (6) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA’s recently published draft bioequivalence recommendation for ferumoxytol, and (7) other risks identified in our Securities and Exchange Commission (SEC) filings, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
AMAG Pharmaceuticals and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc.
Rienso is a registered trademark of Takeda Pharmaceutical Company Limited.
Amy Sullivan, 617-498-3303
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