BridgeBio Pharma Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

BridgeBio Pharma, Inc. announced equity grants to new employees totaling 93,088 shares of common stock. The grants vest over time, subject to continued employment. The awards were made under the Amended and Restated 2019 Inducement Equity Plan.

PALO ALTO, Calif., April 10, 2024 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, today announced that on April 5, 2024, the compensation committee of BridgeBio’s board of directors approved equity grants to 19 new employees in restricted stock units for an aggregate of 93,088 shares of the Company’s common stock. One-fourth of the shares underlying each employee’s restricted stock units will vest on May 16, 2025, with one-twelfth of the remaining shares underlying each such employee’s restricted stock units vesting on a quarterly basis thereafter, in each case, subject to each such employee’s continued employment with the Company or one of its subsidiaries on such vesting dates. All of the above-described awards were made under BridgeBio’s Amended and Restated 2019 Inducement Equity Plan (the “Plan”).

The above-described awards were each granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted pursuant to the terms of the Plan. The Plan was adopted by BridgeBio’s board of directors in November 2019, and amended and restated on February 10, 2023 and on December 13, 2023.

About BridgeBio Pharma, Inc.

BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical company founded to discover, create, test, and deliver transformative medicines to treat patients who suffer from genetic diseases and cancers with clear genetic drivers. BridgeBio’s pipeline of development programs ranges from early science to advanced clinical trials. BridgeBio was founded in 2015 and its team of experienced drug discoverers, developers and innovators are committed to applying advances in genetic medicine to help patients as quickly as possible. For more information visit bridgebio.com and follow us on LinkedIn and Twitter.

BridgeBio Contact:

Vikram Bali
contact@bridgebio.com
(650)-789-8220

How many shares of common stock were granted to new employees at BridgeBio Pharma, Inc.?

BridgeBio Pharma, Inc. granted 93,088 shares of common stock to new employees.

When will the shares underlying the restricted stock units vest for the new employees?

One-fourth of the shares underlying each employee’s restricted stock units will vest on May 16, 2025, with one-twelfth of the remaining shares vesting quarterly thereafter, subject to continued employment.

Under which plan were the awards granted to the new employees?

The awards were granted under BridgeBio’s Amended and Restated 2019 Inducement Equity Plan.

What is the purpose of the Plan mentioned in the press release?

The Plan was adopted to induce employees to enter into employment with BridgeBio Pharma, Inc.

What is the significance of the grants being made under Nasdaq Listing Rule 5635(c)(4)?

The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4) as inducements for new employees to join the Company.

When was the Plan adopted and subsequently amended by BridgeBio's board of directors?

The Plan was adopted in November 2019 and was amended and restated on February 10, 2023, and December 13, 2023.