Date: 2015-03-23
Type of information: Nomination
Compound:
Company: Foundation Medicine (USA - MA)
Therapeutic area: Cancer - Oncology
Type agreement: nomination
Action mechanism:
Disease:
Details: * On March 23, 2015, Foundation Medicine announced proposed changes to its Board of Directors in connection with its pending strategic collaboration with Roche. Under the terms of the agreement with Roche, Foundation Medicine\'s board will increase to nine directors upon the closing of the transaction, including three board designees selected by Roche. In advance of the anticipated transaction closing, Roche has identified its three director designees: Daniel O\'Day, Roche Pharmaceuticals Division, chief operating officer and member of the Roche corporate executive committee; Sandra J. Horning, M.D., global head, product development and chief medical officer for Roche/Genentech; and Michael D. Varney, Ph.D., head Genentech Research and Early Development.
Mr. O\'Day, Dr. Horning and Dr. Varney will join Foundation Medicine\'s current directors including Michael Pellini, M.D., the company\'s chief executive officer, and its independent members Alexis Borisy (Chairman), Evan Jones, David Schenkein, M.D., and Krishna Yeshwant, M.D. It is anticipated that Brook Byers will step off from the board in connection with the closing. The final seat on the board will be filled following the closing with an independent director to be agreed upon by Foundation Medicine and Roche.
The pending transaction with Roche remains subject to the satisfaction of certain closing conditions, including the successful completion of the tender offer commenced by Roche on February 2, 2015 and the approval of certain matters at the special meeting of Foundation Medicine stockholders to be held on April 2, 2015. The closing is expected to occur in the second quarter of 2015.
Financial terms:
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