SOUTH SAN FRANCISCO, Calif.,
Nov. 1, 2019 /PRNewswire/ -- Portola
Pharmaceuticals, Inc.® (NASDAQ: PTLA) announced today
that on October 31, 2019, the
Compensation Committee of the Board of Directors approved,
effective as of October 31, 2019, the
grant to six new employees of (i) inducement stock options to
purchase an aggregate of 137,700 shares of common stock, and
(ii) awards of 66,350 restricted stock units in the
aggregate.
Each stock option shall have an exercise price per share of
$28.91, the closing price per share
of the Company's Common Stock on October 31,
2019, and will vest over four years, with 25% of the shares
vesting on the one-year anniversary of the applicable vesting
commencement date and the remaining shares vest ratably over the
subsequent 36 months, subject to each new employee's continued
service with the Company. Each stock option has a ten-year term and
is subject to the terms and conditions of the Company's Inducement
Plan and the stock option agreement pursuant to which the option
was granted. The shares subject to the restricted stock unit awards
granted shall vest in three equal annual installments over three
years, with the first installment vesting on December 1, 2020, subject to each new employee's
continued service with the Company.
The awards were granted as inducements material to the new
employees entering into employment with Portola in accordance with Nasdaq Listing Rule
5635(c)(4).
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a global, commercial-stage
biopharmaceutical company focused on the discovery, development and
commercialization of novel therapeutics that could significantly
advance the fields of thrombosis and other hematologic conditions.
The Company's first two commercialized products are
Andexxa® [coagulation factor Xa (recombinant),
inactivated-zhzo], marketed in Europe as
Ondexxya® (andexanet alfa), and
Bevyxxa® (betrixaban). The company also is
advancing cerdulatinib, a SYK/JAK inhibitor being developed for the
treatment of hematologic cancers. Founded in 2003 in South San
Francisco, California, Portola has operations in the
United States and Europe.
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SOURCE Portola Pharmaceuticals, Inc.®