John Maraganore, CEO of Alnylam in Cambridge, is suing a Maryland biotech company for allegedly eliminating the stock options he got while serving on its board of directors before it went public.
In his suit against MacroGenics, filed yesterday in US District Court in Boston, Marganore says MacroGenics's CEO told him his stock options would not expire until 2016 when he stepped down from that company's board in 2009, as long as he stayed on as a consultant.
Marganore says he did stay on as a consultant, but that when he tried to exercise those options after MacroGenics went public last year, he was told the options had, in fact, been rescinded shortly after he left the board.
Marganore says that was the first he had heard of that. He is seeking what he says is the $1.53 million value of the options - based on MacroGenics's current stock value - damages and lawyers' fees.