United Therapeutics Transforms Into Public Benefit Corporation After Shareholder Approval
The conversion formally aligns the company’s charter with a long-standing commitment to improving the lives of patients while creating sustainable shareholder value in a responsible manner
SPRING SILVER, Md. and RESEARCH TRIANGLE PARK, North Carolina, September 30, 2021 / PRNewswire / – United Therapeutics Corporation (Nasdaq: UTHR) today announced its official conversion to a public utility (CBP). The conversion follows shareholder approval of the company’s proposal to amend its charter at today’s special meeting of shareholders. This is the first PBC conversion of a public biotech or pharmaceutical company.
United Therapeutics’ conversion to PBC aligns its legal charter with its long-standing practices of improving patient health, strengthening employee engagement, attracting top talent, promoting healthy communities and Supports important sustainability priorities through its use of green building technologies, while simultaneously delivering strong returns for shareholders. The company has a proven track record of creating value, as well as six years of experience operating its subsidiary Lung Biotechnology PBC (the very first PBC subsidiary of a publicly traded biopharmaceutical company), so it understands this form of business. This PBC conversion initiative was led by the Nominating and Governance Committee of the Board of Directors of United Therapeutics.
“We are inspired by our shareholders who recognize that taking care of our patients, the planet, our employees, communities and other stakeholders enhances our ability to generate strong returns for shareholders,” said Martine rothblatt, Ph.D., President and CEO of United Therapeutics. “Becoming a PBC aligns the corporate structure of United Therapeutics with our foundational DNA and gives us a strong platform to advance our goals of developing new pharmaceutical therapies and finding a cure for end-stage organ disease in creating an unlimited supply of transplantable organs. “
United Therapeutics was proud to receive the support of partners and key employees throughout this process, and our stakeholders shared the following statements as the company operates in its new form of PBC:
“My interest in United Therapeutics stems from its clear and passionate care for the patients and communities it serves and from a relentless mission to find a cure for pulmonary arterial hypertension (PAH). A relative of mine was diagnosed with PAH, and Martine’s deep interest in the mission has been inspiring both personally and professionally, ”said Manju lal, Senior Cardiopulmonary Specialist at United Therapeutics. “United Therapeutics values its employees and I am proud to be part of the family for 14 years and more!
Robert C. Bourge, MD, Professor of Medicine, Radiology and Surgery and Senior Vice President of the Institute’s Department of Medicine University of Alabama at Birmingham, said: “Having worked with United Therapeutics since its inception, I am not surprised by this development. United Therapeutics has always placed the well-being of patients first and its commitment to expanding the therapies available to patients living with transplants will continue to be the engine of its success. I am honored to have participated in the growth and development of United Therapeutics.
John hoeppner, Head of US Stewardship and Sustainable Investing for Legal & General Investment Management America, added: “As a manager who values responsible financial sustainability as well as leadership and creativity, we applaud UT’s willingness to explore the potential what becoming a PBC can offer. “
A PBC is a for-profit corporation which, while creating shareholder value, must also consider the best interests of those materially affected by the conduct of the corporation and the specific public interest it chooses. to adopt in its charter. PBCs are intended to produce public benefits and to operate in a responsible and sustainable manner.
For more information on the conversion of United Therapeutics to PBC, please visit unither.com/PBC.
United Therapeutics: Enabling Inspiration
We rely on the strength of our expertise in research and development and on a distinctive entrepreneurial culture that encourages diversity, innovation, creativity, sustainability and, quite simply, fun. Since its inception, our mission has been to find a cure for pulmonary arterial hypertension and other potentially fatal diseases. To achieve this goal, we have successfully obtained FDA approval for five drugs, we are still conducting new clinical trials, and we are working to create an unlimited supply of organs made for transplantation.
We are the first publicly traded biotechnology or pharmaceutical company to take the form of a public utility (PCB). Our public utility objective is provide a better future for patients through (a) the development of new pharmaceutical therapies; and (b) technologies that increase the availability of transplantable organs. At the same time, we seek to provide our shareholders with superior financial performance and our communities with environmentally friendly energy use.
You can read more about what it means to be a PBC here: unither.com/PBC.
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among other things, statements relating to our ability to generate strong shareholders returns, our goal of finding a cure for end-stage organ diseases, including through the development of new therapies and pharmaceutical technologies that increase the availability of transplantable organs, and the expected benefits of PBC conversion. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, which could cause actual results to differ materially from anticipated results. Accordingly, these forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We claim the safe harbor protection contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We provide this information from September 30, 2021 and assume no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or for any other reason.
For more information, contact:
Dewey Steadman at (202) 919-4097
Email: [email protected]
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SOURCE United Therapeutics Corporation