News of changes to its executive team boosted Chimerix Inc. (NASDAQ: CMRX) shares on Tuesday. Specifically, the firm announced the appointment of Michael A. Sherman as chief executive of Chimerix, effective immediately. Additionally, Chimerix has appointed Michael T. Andriole to the newly created position of chief business officer.
Sherman previously served as CEO of Endocyte until its acquisition by Novartis in December 2018 for $2.1 billion. Prior to joining Endocyte in 2006, Sherman served in various executive roles, most recently as Vice President of Finance and Strategic Planning of Guidant, a cardiovascular device manufacturer acquired by Boston Scientific.
Andriole was the former chief financial officer of Endocyte. Before joining Endocyte in 2017, Andriole was a member of Eli Lilly’s corporate development leadership team with responsibility for international transactions.
Martha J. Demski, chair of the Chimerix board of directors, commented:
We are delighted to welcome Mike Sherman and Mike Andriole to our executive management team. This pair has a proven track record of successfully developing valuable clinical assets, and we believe Chimerix will significantly benefit from the strategic and operational experience they will bring the company. This seasoned team has demonstrated their ability to unlock value while bringing important therapeutics to patients in need.
In connection with the hiring of Sherman and Andriole, on April 8, 2019, Chimerix’s board granted Sherman a stock option to purchase 1.25 million shares of Chimerix common stock and Andriole a stock option to purchase 500,000 shares of the common stock.
Shares of Chimerix were last seen up about 20% at $2.51, with a 52-week range of $1.74 to $5.22. The stock has a consensus analyst price target of $3.80.