Irish heart drug developer Amarin Corp. PLC, with research operations in Stonington, seated biopharma industry veteran Patrick “Paddy” O’Sullivan to fill one of two vacancies on its board, authorities said.
O’Sullivan will serve on the audit committee, effective with his Tuesday appointment, Amarin said Wednesday.
He replaces pharmaceuticals executive Manus Rogan, M.D., who is retiring from the board.
Unclear, however, is the status of another board vacancy opened with the Dec. 6 resignation of independent director David W. Feigal Jr., M.D., Â from its board of directors, citing his “crush of other commitments.” No replacement was named at the time.
As remuneration for his services, O’Sullivan will collect the usual non-employee director compensation in the form of an option to purchase 45,000 ordinary shares of Amarin, according to its 8-K filing with the Securities and Exchange Commission.
The options’ strike price equals the fair market value of Amarin’s shares on Dec. 13 and will vest in three equal yearly installments, starting the first anniversary of the grant date, the filing said.
O’Sullivan has more than 40 years of pharmaceutical industry experience, including more than 30 years as CEO and director of the LEO Pharma companies in Ireland and more than 10 years as a director of its Danish parent Leo Pharma Group.
O’Sullivan is a registered pharmacist with undergraduate and MBA degrees from University College in Dublin.
