Margaret Pax
REPLIGENAbout Margaret A. Pax
Margaret A. Pax (age 65) is an independent director of Repligen Corporation, serving since March 18, 2024. She brings 25+ years of strategy, M&A, and operating experience across life sciences and medical technology, including senior roles at Thermo Fisher Scientific and earlier leadership positions at Phillips Healthcare; she holds a B.A. from the College of the Holy Cross and an M.B.A. from Harvard Business School. As of the 2025 proxy, she is Chair of the Compensation Committee and a member of the Nominating & Corporate Governance (N&CG) Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Thermo Fisher Scientific | Vice President, Strategy & Innovation, Fisher Clinical Services (clinical trial support services) | 2016–2020 | Led strategic planning and innovation; developed business case for Patheon acquisition; post-merger integration for Life Technologies in prior role |
| Thermo Fisher Scientific | Senior Director, Corporate Development & Strategy | 2013–2016 | Led acquisitions and strategy programs; post-merger commercial integration (Life Technologies) |
| Thermo Fisher Scientific | Senior Director, Portable Analytical Instrumentation | 2012–2013 | Product/segment leadership |
| Phillips Healthcare | Senior leadership in Business Development, Marketing, Product Management | 1989–2000 | Commercial and product leadership in medtech |
| Microchips Biomedical (acquired by Daré Bioscience) | Vice President, Business & Clinical Development | 2006–2011 | Entrepreneurial leadership in drug delivery |
External Roles
| Organization | Role | Tenure | Public/Private | Notes |
|---|---|---|---|---|
| Jellagen | Independent Director | Current | Private | UK biomaterials company |
| Alimera Sciences | Independent Director | 2023–2024 | Public (Nasdaq) | Company acquired by ANI Pharmaceuticals in 2024 |
| BioPorto A/S (U.S. subsidiary) | Board member | 2021–2024 | Private subsidiary | Kidney biomarker company subsidiary board |
| Harvard Business School Healthcare Alumni Association | Board member | Current (as of 2024 proxy) | Non-profit | Community/industry engagement |
Board Governance
- Status and tenure: Independent director; director since March 18, 2024.
- Committee roles: Chair, Compensation Committee; Member, N&CG Committee. The Compensation Committee met 4 times in 2024; N&CG met 2 times; all members of both committees are independent per SEC/Nasdaq standards.
- Attendance: In 2024 the Board met 6 times; directors attended 100% of Board and committee meetings during their service periods, with one director exception (attended 1 of 2 committee meetings); specific director not identified.
- Skills: Board matrices highlight Pax’s strengths in public company leadership, risk oversight, strategic planning & M&A, life sciences technology & innovation, and commercial sales & marketing.
- Independence and sessions: All committee members are independent; executive sessions of independent directors are held at each Board meeting.
Fixed Compensation
| Component | Amount/Policy | Detail |
|---|---|---|
| Annual cash retainer (Board) | $60,000 | For each non-employee director (2024 policy) |
| Lead Independent Director retainer | $45,000 | Additional to Board retainer |
| Audit Committee | Chair $30,000; Member $10,000 | Annual cash retainers |
| Compensation Committee | Chair $20,000; Member $10,000 | Annual cash retainers |
| N&CG Committee | Chair $16,000; Member $5,000 | Annual cash retainers |
| Transaction Committee | Member $5,000 | If appointed |
| Pax – cash fees paid (FY2024) | $52,308 | Fees earned/paid in cash per Director Compensation Table |
Notes: Pax joined the Board on March 18, 2024; cash fees reflect partial-year service and any pro-ration.
Performance Compensation
Directors receive time-based equity (no performance metrics). Annual equity compensation (2024): $240,000 grant date fair value for non-chair directors; 50% RSUs and 50% stock options; vests on the earlier of one year or the next annual meeting; full acceleration upon a sale event. New directors receive initial options equal to the then-current annual equity value plus pro-rated RSU/option awards to the next annual meeting; initial options vest in equal annual installments over 3 years.
| Grant Date | Instrument | Units/Options | Exercise Price | Grant-Date FV ($) | Vesting |
|---|---|---|---|---|---|
| 3/18/2024 | Stock options | 2,431 | $194.25 | $233,660 | Initial options vest in equal annual installments over 3 years (service-based) |
| 3/18/2024 | RSUs | 92 | — | $17,871 | Pro-rated RSUs vest on earlier of 1 year or next annual meeting (service-based) |
| 5/16/2024 | Stock options | 1,376 | $171.03 | $116,759 | Annual director options vest on earlier of 1 year or next annual meeting |
| 5/16/2024 | RSUs | 701 | — | $119,892 | Annual director RSUs vest on earlier of 1 year or next annual meeting |
| FY2024 Director Compensation (Pax) | Amount ($) |
|---|---|
| Stock Awards (RSUs) | 137,763 |
| Option Awards | 350,419 |
| Total Equity (RSUs + Options) | 137,763 + 350,419 (see above) |
| Cash Fees | 52,308 |
| Total | 540,490 |
Performance metrics: Not applicable for director equity (time-based vesting only).
Other Directorships & Interlocks
| Company | Current/Prior | Public/Private | Committee Roles | Notes/Interlocks |
|---|---|---|---|---|
| Jellagen | Current | Private | Not disclosed | No RGEN-related party transactions disclosed |
| Alimera Sciences | Prior (2023–2024) | Public | Not disclosed | Acquired by ANI Pharmaceuticals in 2024 |
| BioPorto A/S (U.S. subsidiary) | Prior (2021–2024) | Private subsidiary | Not disclosed | No RGEN-related party transactions disclosed |
Repligen discloses no related party transactions since January 1, 2024 and no family relationships among directors.
Expertise & Qualifications
- Strategic planning and M&A; life sciences technology and innovation; commercial sales and marketing; public company leadership; and risk oversight (Board skills matrix).
- Education: B.A., College of the Holy Cross; M.B.A., Harvard Business School; board member, HBS Healthcare Alumni Association (as of 2024 proxy).
Equity Ownership
| As-of Date | Beneficial Ownership | Percent of Class |
|---|---|---|
| March 7, 2025 | 2,523 shares | * (less than 1%) |
| As-of Date | Unexercised Options | Unvested RSUs |
|---|---|---|
| December 31, 2024 | 3,807 | 701 |
Policies supporting alignment: Stock ownership guidelines for all directors; anti-hedging, anti-pledging, anti-short sale policies; compensation clawback policy.
Governance Assessment
- Committee leadership and expertise: Pax chairs the Compensation Committee and serves on N&CG after joining the Board in March 2024—signaling strong governance confidence in her compensation and strategic credentials; both committees are fully independent.
- Attendance and engagement: Board met 6 times in 2024 with near-perfect attendance; all directors met 100% attendance thresholds for Board and committees except one director (unnamed) who attended 1 of 2 committee meetings—no exception identified as Pax.
- Compensation structure and alignment: Director pay emphasizes equity with time-based vesting; Pax’s 2024 awards included pro-rated new director grants and annual grants (RSUs and options), consistent with policy; no performance metrics apply to director equity, but policies include acceleration on a sale event.
- Conflicts/related parties: Company reports no related party transactions since January 1, 2024; no family relationships; anti-hedging/pledging policies reduce alignment risk.
- Other public boards and interlocks: As of 2025, Pax has no current other public company directorships, reducing interlock/conflict risk; prior service at Alimera (acquired 2024).
RED FLAGS: None disclosed specific to Pax (no related-party transactions; independence affirmed; attendance not identified as deficient). Monitor execution of Compensation Committee oversight under new chair as a standard governance practice.