Neurocrine Biosciences Reports Chief Medical Officer Transition

What Happened

• Neurocrine Biosciences (Item 5.02) announced that the Board appointed Eiry W. Roberts, M.D., as Chief Medical Officer effective September 28, 2026. Dr. Sanjay Keswani’s service as CMO terminated by mutual agreement as of September 25, 2026. The company filed the change on Form 8-K dated September 28, 2026.

Key Details

• Dr. Roberts’ package under a new Amended and Restated Employment Agreement (effective Sept 28, 2026) includes: $825,000 annual base salary and an annual cash incentive target equal to 60% of base pay for calendar 2026.
• Equity grants tied to the appointment: stock options (target value ≈ $625,000; vesting in equal monthly installments over 4 years), restricted stock units (target value ≈ $250,000; vesting annually over 4 years), and performance-vesting RSUs (target value ≈ $375,000; vesting per the company’s Feb 2026 executive performance-RSU terms). These Equity Grants will be automatically granted two business days after the company files its first Form 10-Q following the Transition Date, provided Dr. Roberts remains employed.
• Dr. Keswani is entitled to severance benefits under Section 4.1 of the company’s Executive Severance Plan (effective Feb 7, 2025); Dr. Roberts’ Employment Agreement also provides for severance under that plan. Outstanding awards held by Dr. Roberts will continue to vest per their terms.
• The full Employment Agreement is expected to be filed with Neurocrine’s Form 10-Q for the quarter ending Sept 30, 2026.

Why It Matters

• Executive leadership changes in the medical/clinical function can affect clinical development, regulatory interactions and near-term program continuity; investors should note the management transition and timing.
• Compensation details (salary, cash bonus target and equity grants) may affect future compensation expense and share dilution quantification once the grants are issued and disclosed in the upcoming 10-Q and related filings.
• The filing is procedural (Item 5.02) and includes forward-looking statements; the company will provide the full Employment Agreement in its next quarterly filing for additional specifics.