CONSHOHOCKEN, PA — Madrigal Pharmaceuticals (Nasdaq: MDGL) granted equity inducement awards to 47 newly hired non-executive employees as the company expands operations following the commercial launch of its MASH treatment Rezdiffra.
The awards, approved May 1 by Madrigal’s independent compensation committee under Nasdaq Listing Rule 5635(c)(4), include options to purchase 5,312 shares of common stock, 17,589 time-based restricted stock units and 1,839 performance-based restricted stock units, the company announced.
The stock options carry an exercise price of $513.72 per share, matching Madrigal’s closing stock price on the grant date. One-quarter of the options vest after one year, with the remaining shares vesting in quarterly installments thereafter.
The restricted stock units vest annually over four years, while the performance-based units are tied to Madrigal’s total shareholder return relative to a peer group over a three-year period and, if earned, are scheduled to vest in the first quarter of 2029.
The inducement grants were issued as part of employment compensation packages as Madrigal continues building commercial and operational capacity around Rezdiffra, the first therapy approved by both the U.S. Food and Drug Administration and the European Commission for metabolic dysfunction-associated steatohepatitis, or MASH, with moderate to advanced fibrosis.
Madrigal is also conducting a Phase 3 outcomes trial evaluating Rezdiffra in patients with compensated MASH cirrhosis.
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