Walid Abi-Saab
uniQureAbout Walid Abi-Saab
Walid Abi‑Saab, M.D., has been Chief Medical Officer at uniQure since June 2023. He previously served as CMO of Galapagos (May 2017–May 2022) and held senior clinical development roles at Shire, Novartis, Abbott, and Pfizer; he completed Psychiatry residency and a Neuroscience fellowship at Yale, holds a B.S. in Biology from the American University of Beirut and an M.D. from Université Saint Joseph in Beirut . Company pay‑versus‑performance disclosures show cumulative total shareholder return (TSR) of $24.03 from a hypothetical $100 investment made on 12/31/2019 as of year‑end 2024, contextualizing shareholder value creation during recent years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Galapagos | Chief Medical Officer | May 2017–May 2022 | Expanded development org; led Phase 3 filgotinib (Jyseleca) in RA and UC |
| Shire | Group VP, Global Clinical Development | Not disclosed | Oversaw clinical plans across TA; more than 10 marketed products in rare diseases/specialty pharma |
| Novartis | Leadership role | Not disclosed | Senior development leadership experience |
| Abbott Laboratories | Leadership role | Not disclosed | Senior development leadership experience |
| Pfizer | Leadership role | Not disclosed | Senior development leadership experience |
| Yale School of Medicine | Resident, Research Fellow, Assistant Professor | Not disclosed | Psychiatry residency; Neuroscience fellowship |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | None disclosed in proxy materials | — | No external public company directorships disclosed for Abi‑Saab |
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base Salary (CHF) | CHF 460,000 | CHF 476,000 | 3.5% increase effective Jan 2024 |
| Target Bonus (% of salary) | 50% | 50% (max 75%) | NEOs: 80% corporate / 20% individual weighting |
| Actual Annual Incentive (USD) | Not disclosed | $311,284 | Non‑equity incentive plan compensation for 2024 |
| Other Compensation (USD) | Not disclosed | $93,484 | All other compensation 2024 |
| Signing Bonus (CHF) | CHF 89,805 | — | One‑time sign‑on per employment agreement (repayable under certain conditions) |
Performance Compensation
Annual Incentive Plan Mechanics and Objectives (2024)
| Metric/Objective | Weighting | Target | Actual/Payout | Notes |
|---|---|---|---|---|
| Annual cash bonus opportunity (USD) | — | $270,682 target; $135,341 threshold; $406,023 max | $311,284 actual | NEOs: 80% corporate objectives / 20% individual goals |
| Corporate Objectives – Clinical & Operational Execution | 60% | Sub‑objectives: HD regulatory pathway 35%; TLE 10%; SOD1 ALS 5%; Fabry 5%; HEMGENIX supply 5% | Not disclosed | Targets approved early 2024 |
| Corporate Objectives – Transformation & Innovation | 20% | Corp. dev & strategic initiatives 15%; research/tech priorities 5% | Not disclosed | — |
| Corporate Objectives – Organizational Health | 20% | Culture/talent 7.5%; conserve capital 10%; IT & compliance 2.5% | Not disclosed | — |
Long‑Term Incentives (2024 grants)
| Award Type | Grant Date | Quantity/Value | Vesting | Exercise Price/Term |
|---|---|---|---|---|
| Stock Options | 03/01/2024 | 85,500 options; grant date fair value $277,020 | 25% at 1 year; remainder vests quarterly over 3 years | $5.59; 10‑year term |
| RSUs | 03/01/2024 | 49,500 RSUs; grant date fair value $276,705 | Vest annually over 3 years, pro‑rata | — |
| One‑Time 2024 Performance Grant – PSUs | 11/21/2024 | Target 100,000 PSUs; max 187,500; grant date fair value $584,000 | Assessable by end of June 2026 | — |
| One‑Time 2024 Performance Grant – Performance Cash | 11/21/2024 | Target $284,330 | Assessable by end of June 2026 | — |
PSUs tied to earlier 2021 grant vested in late 2024/early 2025 at 80% (Huntington’s) and 60% (ALS‑SOD1, Fabry) achievement across tranches, indicating program execution benchmarks were partially met .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 03/31/2025) | 108,137 Ordinary Shares; <1% of outstanding; company had 54,729,000 shares outstanding (≈0.20%) |
| Options – Exercisable | 43,424 at $11.47 exp. 2033 |
| Options – Unexercisable | 72,376 at $11.47 exp. 2033; 85,500 at $5.59 exp. 2034 |
| RSUs – Unvested | 44,801 (plan ref (6)); 49,500 (plan ref (7)) |
| PSUs – Unearned | 100,000 (plan ref (9)) |
| Ownership Guidelines | CEO 3x salary; other executive officers 1x salary within 5 years of policy or appointment; measured each January; includes RSUs subject to time‑based vesting |
| Compliance Status | All executive officers have satisfied or are on track within the five‑year grace period |
| Hedging/Pledging | Hedging prohibited; pledging prohibited except case‑by‑case exception; no pledging requests by NEOs or directors in FY2024 |
Employment Terms
| Term | Key Economics / Covenants |
|---|---|
| Employer/Start | Employment agreement with Corlieve Therapeutics AG effective June 26, 2023 (role: CMO) |
| Fixed Pay & Target Bonus | Base salary CHF 460,000 (2023); CHF 476,000 (2024); target annual bonus 50% of salary |
| Initial Equity | One‑time grant: 115,800 options; 67,200 RSUs under company plan |
| Sign‑on Bonus | CHF 89,805 (repayable under specified termination conditions) |
| Severance – Change in Control (Corlieve AG) | If terminated within 90 days prior to or 12 months following a change in control: 150% of then‑current base salary (less notice‑period pay); 150% of target bonus; pro‑rata bonus for year of termination; subject to separation agreement and covenants |
| Acceleration – CoC (uniQure N.V.) | On change in control of uniQure N.V., if Corlieve remains subsidiary/affiliate: accelerates vesting of outstanding equity; options exercisable from immediately prior to CoC through earlier of 18 months post‑CoC or option expiration |
| Restrictive Covenants | Intellectual property, non‑compete, non‑solicit, confidentiality; policy continues year‑to‑year; six‑month notice to terminate; auto termination at retirement age or permanent disability per law |
| Termination Benefits (Illustrative at $17.66 share price, 12/31/2024) | Cash severance $812,046; pro‑rata bonus $270,682; CIC total $4,634,099 incl. accelerated RSUs $1,665,356 and options $1,479,992 |
Additional Compensation Program Context
- Compensation mix emphasizes at‑risk pay; NEOs (other than CEO) targeted 75–80% variable in 2023; 2024 long‑term equity grant values were reduced below peer 25th percentile to manage dilution amid share price decline; typical practice expected to resume in 2025 .
- 2024 LTI grant values (approximate): Options $277k; RSUs $277k for Abi‑Saab; consistent with deliberate down‑sizing to reduce dilution .
- Compensation peer group (2024) includes gene therapy/biotech peers (e.g., Agios, bluebird bio, Rocket Pharma, Sage, Intellia, etc.), reviewed with independent consultant WTW; WTW assessed independent with no conflicts .
Risk Indicators & Governance
- Clawback policy revised in 2023 to Nasdaq standards; applies to excess performance‑based compensation and, in certain cases, to other employees involved in misconduct causing restatement .
- Insider trading policy prohibits hedging and pledging, with narrow exception process; no pledging exceptions requested by NEOs/directors in FY2024 .
- Section 16 compliance: Company reports timely filing for executive officers in 2024, with one late Form 4 for a director unrelated to Abi‑Saab .
Investment Implications
- Pay‑for‑performance alignment: Abi‑Saab’s 2024 package couples scaled‑down broad‑based LTI grants with a targeted performance grant directly tied to Huntington’s and mTLE milestones assessable by June 2026, aligning incentives with critical value inflection points .
- Retention and CoC economics: CIC severance at 1.5x salary and 1.5x target bonus (Corlieve agreement) plus equity acceleration under uniQure CoC may reduce voluntary departure risk but also create event‑driven incentives; acceleration windows (up to 18 months) could influence exercise timing .
- Selling pressure assessment: Significant unvested RSUs/PSUs and unexercisable options indicate ongoing vest‑linked supply, but strict hedging/pledging policy and absence of pledging exceptions in 2024 mitigate forced selling signals; no Abi‑Saab‑specific Form 4 sales are disclosed in the proxy .
- Execution risk and track record: Prior leadership through Phase 3 programs at Galapagos and partial PSU vesting tied to pipeline progress at uniQure support capability; however, 2024 organizational restructuring and equity value compression informed conservative LTI sizing, highlighting sensitivity to program/regulatory outcomes .