Maravai Lifesciences Holdings, Inc 8-K, filed Dec 1, 2022
Maravai Lifesciences Holdings, Inc. (MRVI)
About this 8-K
Maravai Lifesciences Holdings, Inc filed this 8-K on December 1, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 1, 2022, Maravai LifeSciences Holdings, Inc. (the “Company”) announced plans for William “Trey” Martin, III to serve as President of Maravai’s Biologics Safety Testing Segment beginning December 5, 2022, and its expectation that Martin will assume the role of Chief Executive Officer of the Company effective July 27, 2023. The Company also announced that Carl Hull, the Company’s Executive Chairman, will continue to serve as interim Chief Executive Officer.
As previously reported, Mr. Martin was appointed Chief Executive Officer of the Company on September 30, 2022, but was placed on a paid leave of absence on October 18, 2022, as a result of a lawsuit claiming violation of a noncompetition agreement filed by two of Martin’s former employers, subsidiaries of Danaher Corporation, and one of their affiliates. Mr. Martin, the Company and the Danaher entities have reached a confidential settlement pursuant to which the Company and Mr. Martin have agreed to limit his responsibilities for the Company and preclude his involvement in the Company’s Nucleic Acid Production segment through July 26, 2023. The parties also agreed to voluntarily dismiss the lawsuit.
| Item 7.01. | Regulation FD Disclosure |
On December 1, 2022, the Company issued a press release related to the foregoing, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 7.01 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits.
The following exhibits are furnished as part of this Current Report on Form 8-K:
| Exhibit |
Description of Exhibit | |
| 99.1* | Press Release dated December 1, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARAVAI LIFESCIENCES HOLDINGS, INC. | ||||||
| Date: December 1, 2022 | ||||||
| By: | /s/ Kevin M. Herde | |||||
| Name: | Kevin M. Herde | |||||
| Title: | Chief Financial Officer | |||||
Exhibit 99.1
Maravai LifeSciences Announces Updated CEO Leadership Transition Plans
Maravai announces plans for William “Trey” Martin, III to serve as President of its Biologics Safety Testing Segment and its expectation that he will then assume the role of Maravai’s CEO in July 2023
Carl Hull to continue to serve as Executive Chairman and Interim CEO
SAN DIEGO, Calif.; – December 1, 2022—Maravai LifeSciences, Inc. (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, announced plans for William “Trey” Martin, III to serve as President of Maravai’s Biologics Safety Testing Segment beginning December 5, 2022, and expects that Martin will assume the role of Chief Executive Officer of Maravai LifeSciences on July 27, 2023. Christine Dolan, the current Chief Operating Officer of Maravai’s Biologics Safety Testing Segment, will continue to serve in that role and will report to Martin. Carl Hull, Maravai’s co-founder, will continue to serve as Maravai’s Executive Chairman and Interim Chief Executive Officer.
Maravai had previously announced the appointment of Martin to the role of Chief Executive Officer, and his subsequent placement on a paid leave of absence as a result of a lawsuit claiming violation of a noncompetition agreement filed by two of Martin’s former employers, subsidiaries of Danaher Corporation, and one of their affiliates. Martin, Maravai, and the Danaher entities have reached a confidential settlement pursuant to which Maravai and Martin have agreed to limit Martin’s responsibilities for Maravai and preclude his involvement in Maravai’s Nucleic Acid Production Segment through July 26, 2023. The parties also agreed to voluntarily dismiss the lawsuit.
“We are thrilled to have Trey rejoin Maravai’s executive team as President of our Biologics Safety Testing Business,” said Carl Hull, Executive Chairman and Interim Chief Executive Officer of Maravai. “We remain extraordinarily confident in his leadership.”
“I am excited to resume my work at Maravai as President of our Biologics Safety Testing Business, which is the gold standard for products and services that ensure the purity of biologic drugs,” said Mr. Martin. “I’m honored and delighted to have the opportunity to lead this business.”
About Maravai
Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world’s leading biopharmaceutical, vaccine, diagnostics and cell and gene therapies companies.
Forward-looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements related to the expectation that Mr. Martin will assume the role of President of Maravai’s Biologics Safety Testing Business on December 5, 2022, and the role of Maravai’s Chief Executive Officer in July 2023, constitute forward-looking statements identified by words like “plan,” “will,” “expect,” “may,” “anticipate,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risk of disputes with Danaher Corporation and its subsidiaries regarding compliance with the settlement agreement, risk of new disputes with Danaher Corporation or other parties regarding Martin’s role, risk that Martin or Maravai could make decisions or take actions that could result in Martin’s departure from Maravai, and the other risks and uncertainties described in greater detail in the “Risk Factors” section of our most recent Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements, and therefore you should not rely upon them. These forward-looking statements reflect our current views and we do not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law.
Contact Information:
Media Contact: Sara Michelmore
MacDougall Advisors
+1 781-235-3060
maravai@macdougall.bio
Investor Contact: Deb Hart
Maravai LifeSciences
+ 1 858-988-5917
ir@maravai.com