Timothy P. Walbert
BIOMARIN PHARMACEUTICALAbout Timothy P. Walbert
Timothy P. Walbert, 58, joined BioMarin’s Board as an independent director in February 2025. He is the former Chairman, President and CEO of Horizon Therapeutics, now a Senior Advisor at Amgen, and holds a B.A. in Business from Muhlenberg College. The Board nominated him for extensive biotech leadership and commercial experience; he is one of nine independent directors, with independence affirmed under Nasdaq standards. He completed new director orientation in 2025; attendance data for 2024 is not applicable to his tenure.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Horizon Therapeutics | Chairman, President & CEO | 2008–Oct 2023 (acquired by Amgen) | Led growth to $28.3B sale, multi‑indication biologic commercialization experience |
| IDM Pharma | President, CEO, Director | Prior to June 2009 acquisition | Executive leadership; company acquired by Takeda in June 2009 |
| NeoPharm | EVP, Commercial Operations | Prior to Horizon | Commercial operations leadership |
| Abbott/AbbVie | DVP & GM, Immunology; DVP, Global CV Strategy | 2001–2005 | Led global development and HUMIRA launch |
| G.D. Searle | Director CELEBREX N. America; Arthritis Team Leader AP/LatAm/Canada | 1998–2001 | Regional product leadership |
| Merck & Wyeth | Sales & Marketing roles | 1991–1998 | Progressive commercial roles |
External Roles
| Organization | Role | Public/Private | Notes |
|---|---|---|---|
| Amgen | Senior Advisor | Private advisory role | Potential perceived interlock; oversight via CGN committee policy |
| Mirum Pharmaceuticals | Director | Public | Current board seat |
| Century Therapeutics | Director | Public | Current board seat |
| Sagimet Biosciences | Director | Public | Current board seat |
| Cour Pharmaceuticals | Director | Private | Current board seat |
| Odyssey Therapeutics | Director | Private | Current board seat |
| Latigo Therapeutics | Chairman | Private | Current role |
| Muhlenberg College | Trustee | Non-profit | Board of Trustees |
| Prior: Aurinia, Exicure, Assertio, Raptor, XOMA, Sucampo | Director | Public (prior) | Former public company boards |
Board Governance
- Independence: Board determined all directors except the CEO are independent; Walbert is independent.
- Committee assignments: Not listed on current standing committees as of the proxy; Board plans committee composition review after the 2025 Annual Meeting.
- Attendance and engagement: In 2024 the Board held 10 meetings; each director (then-serving) attended ≥75% of Board/committee meetings. New director orientation was completed for Walbert in early 2025.
- Executive sessions: Regular executive sessions of independent directors; all standing committees are fully independent.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Independent Chair annual cash retainer | $80,000 | Increased in 2024; Walbert is not Chair |
| Audit Committee Chair | $26,500 | Inclusive of membership |
| Audit Committee Member | $13,500 | |
| Compensation Committee Chair | $24,000 | Inclusive of membership |
| Compensation Committee Member | $12,000 | |
| CGN Committee Chair | $20,000 | Inclusive of membership |
| CGN Committee Member | $10,000 | |
| Science & Technology Committee Chair | $20,000 | Inclusive of membership |
| Science & Technology Committee Member | $10,000 | |
| Transactions & Strategy Committee Chair | $26,500 | New committee (Oct 2024) |
| Transactions & Strategy Committee Member | $13,500 | |
| Meeting fees | None | Company does not pay per-meeting fees |
Performance Compensation
| Equity Component | Grant Policy | Walbert 2025 Grant | Vesting | Options |
|---|---|---|---|---|
| Annual RSU grant to re‑elected directors | Fixed value $400,000 RSUs, converted using 30‑day avg price; prorated for service <1 year | Pro‑rated new director RSU grant valued at $200,000 on Feb 24, 2025 | RSUs vest in full immediately prior to next Annual Meeting (≈1-year) | Directors receive RSUs only; options eliminated since 2017 |
| New director equity approach | No initial separate grant; pro‑rated RSU per annual policy | $200,000 value as above | As above | As above |
Performance metrics: Non‑employee director equity is time‑based RSUs only; no director performance metrics or option awards are used, to discourage short‑term risk taking.
Other Directorships & Interlocks
- Senior Advisor role at Amgen could create perceptions of information flow/interlock risk; BioMarin’s CGN Committee reviews directors’ external board memberships for potential conflicts, with Audit Committee oversight of related‑party transactions. No related‑party transactions >$120,000 were disclosed since Jan 1, 2024 (other than the former CEO’s consulting/benefits).
- Current public boards (Mirum, Century, Sagimet) are within biotech; no specific transaction conflicts with BioMarin were disclosed.
Expertise & Qualifications
- Executive‑level leadership and commercialization expertise in biotech/pharma; led HUMIRA launch and multi‑indication biologics.
- Nominated for strengths in sales/marketing and operational leadership aligned to BioMarin’s strategic priorities.
Equity Ownership
| Item | Detail | Notes |
|---|---|---|
| Initial RSU grant | $200,000 value on Feb 24, 2025 | Prorated new director grant; converts to shares using 30‑day trailing average price |
| Annual director RSU policy | $400,000 value for re‑elected directors | Time‑based vesting to next annual meeting |
| Ownership guidelines | 5x cash retainer (directors) | Calculated using 12/31/2024 price; new directors have 3 years to comply |
| Anti‑hedging/pledging | Prohibited for directors | No short sales, options, hedging, margin/pledging activities |
Governance Assessment
- Positive signals: Independence affirmed; robust committee independence and executive sessions; director equity is RSU‑only (no options), no meeting fees, clawback policies in place, and anti‑hedging/pledging policy.
- Pay alignment: Director compensation emphasizes equity with fixed‑value RSUs and reasonable committee retainers; ownership guidelines at 5x retainer increase alignment.
- Engagement/Board effectiveness: Board refresh continued with Walbert’s addition; orientation completed; attendance standards met in 2024 by then‑serving directors.
- Potential conflicts: Senior Advisor to Amgen presents an appearance risk, but the proxy discloses no related‑party transactions and strong oversight by CGN and Audit Committees; monitor any future BioMarin‑Amgen arrangements.
- Shareholder signals: Recent say‑on‑pay support at 93% indicates investor acceptance of compensation governance; continued annual say‑on‑pay cadence.