Eric Westin
About Eric Westin
Eric Westin, M.D., is Chief Medical Officer of Bicycle Therapeutics (appointed March 2025) after serving as SVP, Clinical Development & Translational Sciences (February 2025) and Distinguished Fellow, R&D (August 2024); he consulted for Bicycle and AbbVie beginning February 2024 . He is 73, holds a B.S. in Biology from Rensselaer Polytechnic Institute and an M.D. from Albany Medical College, and is board-certified in internal medicine and medical oncology . The company reports TSR performance vs. the NASDAQ Biotechnology Index since IPO (graphical; no executive-specific metrics disclosed) and emphasizes pay-for-performance alignment in its compensation program .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ImmunoGen, Inc. | VP, Clinical Development & Translational Sciences | Jun 2017 – Feb 2024 | Led clinical and translational development until AbbVie acquisition; oncology ADC expertise |
| Takeda Pharmaceutical / Millennium (Takeda Oncology) | Roles of increasing responsibility | — | Oncology development and translational roles; large-cap pharma execution experience |
| Eli Lilly | Roles of increasing responsibility | — | Broad pharma R&D experience |
| U.S. National Institutes of Health | Oversaw clinical trials | — | Government-sponsored clinical oversight; trial operations |
| West Virginia University; Virginia Commonwealth University | Professor of Medicine | — | Academic leadership and oncology clinical practice |
| U.S. Public Health Service | Officer | — | Public service; healthcare system understanding |
External Roles
No external public company directorships or committee roles disclosed .
Fixed Compensation
| Component | Value | Effective Date | Notes |
|---|---|---|---|
| Base Salary | $550,000 | Mar 25, 2025 | Annualized; subject to review and increase (not decrease) |
| Target Annual Bonus % | 50% of base | 2025 policy applies | 2025 bonus based on salary earned during 2025; must be employed on pay date to receive bonus |
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Performance Bonus | Not disclosed | 50% of base salary target | Determined by Board assessment of individual performance and Company-goal attainment; payout not disclosed | Paid when annual bonuses are paid; employment through pay date required; death/disability “Special Bonus Payment” pays prior-year bonus if owed |
The proxy emphasizes a diverse set of milestone performance metrics in annual incentives and pay-for-performance alignment across the program (company-level policy disclosure; not executive-specific weights) .
Equity Awards & Vesting
| Award Type | Shares/Units | Grant Date | Strike Price | Vesting | Expiration |
|---|---|---|---|---|---|
| Share Options (recommended) | 58,000 ordinary shares | Not disclosed | Not disclosed | Employee options under the 2020 Plan generally vest 25% at 1st anniversary, then 36 equal monthly installments; specific Westin grant vesting not disclosed | Options under the plan have 10-year life |
Plan-level change-in-control provision: outstanding awards under the 2020 Plan vest in full immediately prior to a change in control (plan-level) .
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Executives are prohibited from hedging, short-selling, pledging, purchasing on margin or holding Company securities in margin accounts .
- Share ownership guidelines: CEO 3× base salary; other officers 1× base salary; 5-year deadline; as of April 14, 2025 all officers and directors were in compliance ahead of deadline .
- Clawback policy: Recoupment of incentive compensation tied to financial reporting measures upon restatement, compliant with SEC/Nasdaq rules .
- Governance practices: No excise tax gross-ups; no dividends on unvested equity; no below-FMV option grants .
Employment Terms
- Employment basis: At-will; serves as CMO reporting to CEO; remote work with travel to Cambridge, MA .
- Restrictive covenants: Bound by a contemporaneous Employee Proprietary Information, Inventions and Nonsolicitation Agreement; restrictions survive termination; limits on outside activities including prohibition on competing in constrained peptide therapeutics; board pre-approval required for certain roles; aggregate outside activities capped at 10 days/year (up to 12 days with Board discretion) .
- Good Reason definition: Includes material salary reduction, relocation increasing one-way commute by >50 miles from Concord, MA, or material breach; cure and notice procedures apply .
- Cause definition: Includes material breach, fraud/dishonesty, felony issues, material policy violations, refusal to follow directives, gross negligence/incompetence, unauthorized use/disclosure of confidential information, breach of fiduciary duty .
Severance and Change-of-Control Economics
| Scenario | Cash Severance | Bonus Treatment | COBRA Benefits | Equity Acceleration | Trigger |
|---|---|---|---|---|---|
| Non-CIC termination (without Cause or for Good Reason) | 9 months base salary paid in installments | No bonus unless prior-year “Special Bonus Payment” for death/disability; otherwise not eligible if not employed through pay date | Company-paid portion of COBRA premiums up to 9 months (or taxable cash in lieu if needed) | None (plan-level CIC terms not applicable) | Requires Separation Agreement, including a 12-month non-compete; other conditions apply |
| CIC termination (double trigger: within 12 months after CIC and terminated without Cause or resign for Good Reason) | 18 months base salary paid in installments | Lump-sum bonus at target for year of termination; if prior-year bonuses unpaid, lump-sum at target for prior year as well | Company-paid portion of COBRA premiums up to 18 months (or taxable cash in lieu if needed) | Full acceleration of vesting and exercisability of all outstanding equity awards (notwithstanding equity plan/award agreements) | Double-trigger; CIC definition provided (Sale/Takeover; Section 409A compliant) |
Say-on-Pay and Shareholder Feedback
- 2024 AGM: Approximately 96.8% of shares voted were in favor of NEO compensation for 2023; committee made no significant changes in 2024 program based on strong support .
Investment Implications
- Strong alignment: Anti-hedging/pledging, ownership guidelines (1× base for officers), and clawback strengthen alignment and reduce agency risk .
- Retention dynamics: Non-CIC severance requires a Separation Agreement with a 12-month non-compete, providing some retention leverage; CIC double-trigger provides robust protections (18 months salary, target bonus, COBRA, full equity acceleration), which can reduce exit friction but may increase transaction-related payout sensitivity .
- Incentive structure: Bonus tied to Company-set goals and Board assessment with a 50% target supports pay-for-performance; lack of disclosed metric weights for Westin suggests discretion, making outcome dependent on corporate execution in 2025+ .
- Monitoring signals: Plan-level and agreement-level full equity acceleration on CIC can create near-term supply if options/RSUs vest en masse; monitor future Section 16 filings for transaction timing and potential selling pressure around vesting and liquidity events .