Current Report Filing (8-k)
September 10 2013 - 3:15PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 9, 2013
IDENIX PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-49839 |
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45-0478605 |
(State or other jurisdiction of
incorporation or organization) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
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320 Bent Street Cambridge, MA |
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02141 |
(Address of principal executive offices) |
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(Zip Code) |
(617) 995-9800
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.05 Costs Associated with Exit or Disposal Activities
On September 9, 2013, Idenix Pharmaceuticals, Inc. (the Company) implemented a restructuring of its operations at the Companys
headquarters in Cambridge, Massachusetts to reduce its workforce by approximately 15 positions in connection with the Companys strategic initiatives to improve operational efficiencies and outsource certain research and development functions.
The workforce reduction will occur in the quarter ending September 30, 2013. The Company continues to explore additional cost saving initiatives.
The Company expects to incur between $1.0 million and $2.0 million in employee severance benefit charges and between $1.0 million and $2.0 million in non-cash
stock compensation expense. These charges are expected to be recorded in the quarter ended September 30, 2013. The Company expects the restructuring to result in annualized savings of approximately $2.0 million to $3.0 million.
This Current Report on Form 8-K contains forward looking statements, including, but not limited to, statements regarding the expected charges, costs and
savings related to the restructuring. These forward looking statements are only predictions based upon current information and expectations and are subject to certain risks and uncertainties, including, but not limited to, the Companys ability
to implement the workforce reductions; possible change in the size of the expected costs and charges; possible changes in the size of the expected cost savings; and general economic conditions. These and other risks which may impact
managements expectations are described in greater detail under the caption Risk Factors in the Companys Annual Report on Form 10-K for the year ended December 31, 2012, the Companys Quarterly Report on Form 10-Q
for the period ended June 30, 2013 and filed with the Securities and Exchange Commission and other filings that the Company makes with the Securities and Exchange Commission.
Item 5.02 (b) and (e). Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On September 9, 2013, David Standring stepped down from his position as Executive Vice President and Chief
Scientific Officer of Idenix Pharmaceuticals, Inc. (the Company) effective immediately. In connection with Dr. Standrings resignation, the Company plans to enter into an agreement (the Separation Agreement) with
Dr. Standring. The Separation Agreement is expected to provide that Dr. Standring will receive severance benefits commensurate with the severance benefits payable to him upon a termination other than for cause under the restatement of the
employment agreement between Dr. Standring and the Company, dated as of December 9, 2010 (the Employment Agreement). The severance benefits due to Dr. Standring for a termination other than for cause under the Employment
Agreement aggregate $510,000 and provide for the acceleration of all unvested options. Dr. Standrings options are exercisable for one year following his resignation. The payment of the severance benefits and the acceleration of unvested
options are subject to Dr. Standring executing a release satisfactory to and on behalf of the Company.
The Company has engaged a global executive
search firm to aid the Company in its search for a new chief scientific officer.
Item 8.01. Other Events
At June 30, 2013, the Companys cash and cash equivalents totaled $177.6 million. The Company expects that its current cash and cash equivalents will
be sufficient to sustain its operations through December 2014. This guidance assumes no milestone payments or license fees, no reimbursement for development programs and no financing activities.
All forward looking statements reflect the Companys expectations only as of the date of this Current Report on Form 8-K and should not be relied upon as
reflecting the Companys views, expectations or beliefs at any date subsequent to this date. The Company anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while the Company
may elect to update these forward looking statements at some point in the future, it specifically disclaims any obligation to do so.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed by
the undersigned hereunto duly authorized.
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IDENIX PHARMACEUTICALS, INC. |
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Date: September 10, 2013 |
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By: |
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/s/ Maria Stahl |
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Maria Stahl |
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Senior Vice President and General Counsel |
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