John Higgins
About John Higgins
John Higgins, age 55, has served on OmniAb’s board since 2022 and is currently the non-independent Chair of the Board. He was CEO and a director of Ligand Pharmaceuticals from January 2007 to December 2022, previously CFO and EVP at Connetics (1997–Dec 2006), with earlier roles at BioCryst Pharmaceuticals and Dillon, Read & Co. He graduated magna cum laude from Colgate University with an A.B. in economics. He also serves on Bio‑Techne Corporation’s board and is a trustee of the Walker Art Center.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ligand Pharmaceuticals | CEO and Director | Jan 2007 – Dec 2022 | Led operations and public company management |
| Connetics Corporation | CFO; EVP Finance & Administration; Corporate Development | 1997 – Dec 2006 | Senior finance and corporate development leadership |
| BioCryst Pharmaceuticals | Member of executive management team | Not disclosed | Biopharma operating experience |
| Dillon, Read & Co. | Healthcare investment banking team member | Not disclosed | Capital markets and transactions experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bio‑Techne Corporation (NASDAQ: TECH) | Director; Audit Committee; Nominations & Governance Committee | Current (as disclosed) | Financial and governance oversight |
| Walker Art Center | Trustee | Current (as disclosed) | Cultural institution governance |
| Franklin Center (Minneapolis) | Vice Chair, Board of Trustees | As of 2023 | Non‑profit governance (education/therapy services) |
Board Governance
- Role: Chair of the Board (separate from CEO)
- Independence: Not independent (only CEO and Higgins are non‑independent; all committees are independent)
- Committee assignments (current): None listed among Audit, HCMCC, NCG, Science & Technology in 2025; Higgins is not a member of these committees
- Committee assignments (prior): Human Capital Management & Compensation member in 2023
- Board/committee meeting cadence (2024): Board 5 meetings (2 in‑person, 3 virtual); Audit 4; HCMCC 4; NCG 2; Science & Technology 3; all incumbents attended at least 75%
- 2025 election signal: Received 53,835,964 “For” votes vs 13,592,229 “Withheld” for his Class III re‑election; broker non‑votes 16,933,628
- Governance practices: Clawback policy compliant with Nasdaq; stock ownership guidelines for directors; hedging and pledging prohibited
Fixed Compensation (Non‑Employee Director)
| Component | Policy / Actual | Amount ($) | Notes |
|---|---|---|---|
| Annual Board retainer | Policy | 50,000 | No meeting fees |
| Chair of Board premium | Policy | 30,000 | Additional to retainer |
| Committee chair/member fees | Policy | Audit Chair 20,000; Audit Member 10,000; HCMCC Chair 15,000; HCMCC Member 7,500; SciTech Chair 15,000; SciTech Member 7,500; NCG Chair 10,000; NCG Member 5,000 | Per committee role |
| Fees paid in cash (2024) | Actual | 80,652 | Reflects retainer + chair premium (pro‑rated) |
| Equity – Option Awards (2024) | Actual | 93,588 | Grant date fair value (ASC 718) |
| Equity – RSU Awards (2024) | Actual | 83,800 | Grant date fair value (ASC 718) |
Equity grant framework for directors (2024 policy): Initial grant 40,000 RSUs + 80,000 options; annual grant 20,000 RSUs + 40,000 options; annual grants typically made on the annual meeting date (June 18, 2024). Options at FMV; initial awards vest over 3 years; annual awards vest in full by the next annual meeting/1 year; change‑in‑control accelerates vesting.
Performance Compensation
| Performance‑linked element | Status |
|---|---|
| Director performance‑based pay (e.g., PSUs, TSR‑linked awards) | Not used for non‑employee directors; director equity is time‑based RSUs/options per policy |
Other Directorships & Interlocks
| Company | Type | Role | Committee | Notes |
|---|---|---|---|---|
| Bio‑Techne (TECH) | Public | Director | Audit; Nominations & Governance | External board service; relevant industry link |
| OmniAb board interlock | Internal | Steve Crouse (Bio‑Techne SVP) is an OmniAb director | — | Network interlock to Higgins’ external board; monitor for any future related‑party exposure (none disclosed) |
Expertise & Qualifications
- Executive leadership in public biotech; capital markets and M&A experience; prior CFO and investment banking background
- Governance experience at Bio‑Techne; finance and audit committee exposure
- Education: A.B. in economics, magna cum laude, Colgate University
Equity Ownership
| Metric | As of / Amount |
|---|---|
| Beneficial ownership (shares) | 4,176,736 |
| Beneficial ownership (%) | 3.4% |
| Common shares owned (incl. earnout) | 2,766,887; includes 614,510 Earnout Shares subject to price‑based vesting by Nov 1, 2027 |
| Options exercisable within 60 days | 1,389,849 |
| RSUs vesting within 60 days | 20,000 |
| Outstanding RSUs (12/31/2024) | 46,344 |
| Outstanding options (12/31/2024) | 1,670,159 |
| Ownership guidelines | Must hold ≥3x annual retainer within 5 years; directors in compliance or within allowed timeline |
- Hedging/pledging: Prohibited for directors under Insider Trading Policy
Governance Assessment
- Strengths: Separate Chair/CEO; 100% independent committees; clawback policy; hedging/pledging ban; director ownership guidelines; board/committee oversight structure clearly defined
- Alignment: Significant personal ownership (4.18M shares including exercisable/near‑term vesting positions) supports skin‑in‑the‑game; earnout exposure further ties value to performance thresholds
- Shareholder signal: Elevated “Withheld” votes (13,592,229 vs 53,835,964 “For”) in 2025 director election warrant ongoing engagement focus
- Committee service: No current committee service; prior HCMCC member (2023), indicating past compensation governance involvement
- Related‑party/Conflicts: No Higgins‑specific related‑party transactions disclosed; Photinia transaction relates to another director (Cochran); Sponsor board designation rights expired (prior designee resigned June 2024)
- RED FLAGS:
- Non‑independent Board Chair (Higgins and CEO are the only non‑independent directors)
- Election “Withheld” vote level suggests some shareholder reservations; merits monitoring and outreach
- Interlock: External Bio‑Techne role and OmniAb director who is Bio‑Techne SVP (Crouse) create a network tie; monitor transactions for independence, though none disclosed