CONSHOHOCKEN, PA — Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) said it granted equity awards to 21 newly hired non-executive employees in early February, a move the company described as an inducement tied directly to their acceptance of employment.
The biopharmaceutical company said the awards were issued on February 1 under Madrigal’s 2025 Inducement Plan and were approved by the company’s independent Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4).
In total, the new employees received 5,861 time-based restricted stock units. The awards vest in four equal installments on the first through fourth anniversaries of the grant date, with vesting contingent on each employee’s continued employment on the applicable vesting dates.
Madrigal said the inducement awards were material to the hiring of the employees and are intended to align their long-term interests with those of the company and its shareholders.
Madrigal Pharmaceuticals is focused on developing and commercializing treatments for metabolic dysfunction-associated steatohepatitis, or MASH, a serious liver disease with limited therapeutic options. The company’s lead product, Rezdiffra, also known as resmetirom, is a once-daily oral therapy designed to target key drivers of the disease.
Rezdiffra is the first and only medication approved by both the U.S. Food and Drug Administration and the European Commission for the treatment of MASH with moderate to advanced fibrosis. An ongoing Phase 3 outcomes trial is evaluating the therapy for use in patients with compensated MASH cirrhosis.
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