Mayur Doshi
About Mayur Doshi
Mayur Doshi (age 63 as of Oct 22, 2025) is an independent director of Scienture Holdings (SCNX) since May 28, 2024. He is a trained chemist and entrepreneur with 20+ years in the global generic pharmaceutical market; he is President/CEO of AlfaGene Bioscience and has led Apogee Pharma for the last decade, with extensive API experience. The Board has designated him an “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apogee Pharma, Inc. | Chief Executive Officer; Chairman & Managing Director; major importer of APIs | “last ten years” as CEO (exact start not disclosed) | Worked with major pharma clients to bring generics to market (Barr, DuPont, Sandoz, Wyeth, Watson) |
| AlfaGene Bioscience, Inc. | President & Chief Executive Officer; founder/primary investor | Not disclosed | Founder/operator of biotech business |
External Roles
| Company | Exchange | Role | Tenure | Notes |
|---|---|---|---|---|
| PowerUp Acquisition Corp. (PWUP) | NASDAQ | Director | Aug 2023 – Feb 2025 | SPAC directorship; service concluded Feb 2025 |
Board Governance
- Independence: Board affirmatively determined Doshi is independent; majority of the Board is independent .
- Audit Committee Financial Expert: Board determined Doshi meets SEC “audit committee financial expert” criteria .
- Attendance/Engagement: In 2024 the Board met 13 times; Audit 5, Compensation 1, Nominating 1. Each director attended at least 75% of combined Board/committee meetings; independent directors held 5 executive sessions (5 included meetings with the independent auditors) .
| Committee Assignment Snapshot | Audit | Compensation | Nominating & Corporate Governance |
|---|---|---|---|
| As of Jan 27, 2025 | Member; Audit Committee report signed by “Mayur Doshi (Chair)” | Chair | Member (Chair: Subbarao Jayanthi) |
| As of Oct 24, 2025 | Chair (Audit Committee report signed by “Mayur Doshi (Chair)”) | Member (Chair: Donald G. Fell) | Member (Chair: Donald G. Fell) |
| 2024 Meetings | Count | Attendance Disclosure |
|---|---|---|
| Board | 13 | Each director ≥75% of combined Board/committee meetings |
| Audit Committee | 5 | Same as above |
| Compensation Committee | 1 | Same as above |
| Nominating & Governance | 1 | Same as above |
Fixed Compensation
| Element | Policy/Amount | 2024 Actual for Doshi |
|---|---|---|
| Annual cash retainer (independent directors) | $35,000 annual cash retainer | $0 (appointed May 28, 2024; no cash fees paid for a portion of 2024) |
Performance Compensation
| Element | Policy/Grant Mechanics | Vesting/Performance Conditions | 2024 Actual for Doshi |
|---|---|---|---|
| Annual equity (independent directors) | $55,000 value in restricted common stock, granted on/after April 1 each year, valued at close price on grant date | Time-based: vests 1/4 each quarter over the next four calendar quarters; no performance metrics disclosed | $0 in 2024 (no stock awards recorded for Doshi during a portion of 2024 following May 28 appointment) |
Compensation Committee Interlocks: Company discloses there were no interlocks or insider participation requiring disclosure; no committee member was a company employee/former officer in 2024 .
Other Directorships & Interlocks
| Person | External Board | Tenure | Interlock Notes |
|---|---|---|---|
| Mayur Doshi | PowerUp Acquisition Corp. (PWUP) | Aug 2023 – Feb 2025 | Donald G. Fell (current SCNX director) also served as a director of PWUP during this period, creating a board interlock outside SCNX |
Expertise & Qualifications
- Trained chemist and seasoned entrepreneur; >20 years in pharmaceuticals, extensive API domain knowledge .
- Financial reporting oversight: designated Audit Committee Financial Expert (GAAP, internal controls, audit committee functions) .
Equity Ownership
| Date (Record) | Shares Beneficially Owned | % of Class | Holding Detail |
|---|---|---|---|
| Jan 27, 2025 | 66,450 | <1% | Held by Alfagen Pharma LLC, beneficially owned by Doshi |
| Oct 22, 2025 | 425,513 | 1.33% | Owned directly by Mr. Doshi |
- Insider trading/hedging: Company policy prohibits short sales and restricts trading to windows/10b5-1 plans; no pledging disclosure for Doshi in the proxy .
- Section 16 compliance: Company indicates directors/officers were timely with Section 16(a) reports in 2024 (other than items reported) .
Related-Party Transactions (Doshi-specific)
- The “Certain Relationships and Related Transactions” sections enumerate related-party dealings (e.g., Scietech agreement; subsidiary sales/notes), but none involve Doshi or his entities. No related-party transactions for Doshi are disclosed .
Governance Assessment
-
Positives
- Independent director with deep pharma and API expertise; designated Audit Committee Financial Expert, and currently chairs the Audit Committee, which signed the FY 2024 and FY 2023 Audit Committee reports .
- Engagement indicators: at least 75% attendance in a high-activity year (13 Board meetings; active committee cadence), with regular independent executive sessions (5) .
- Alignment: beneficial ownership increased materially during 2025 (to 1.33% by Oct 22, 2025), enhancing skin‑in‑the‑game .
- No Doshi-related party transactions disclosed; Compensation Committee interlocks explicitly denied by the company .
-
Watch items / potential red flags
- Committee chair disclosures show inconsistencies between narrative and tabular listings, though Audit Committee reports clearly identify Doshi as Chair; clarity on committee chair transitions (Audit and Compensation) should be monitored across filings .
- External interlock: Doshi and fellow SCNX director Donald G. Fell both served on PWUP’s board during 2023–2025, a network tie to note for potential information flow/club dynamics, albeit not a disclosed conflict .
- Director equity awards are time-based (no performance metrics); while standard for directors, this does not add performance linkage beyond share price and ownership .
-
Director Compensation Structure (context)
- Independent directors are eligible for a $35,000 annual cash retainer and $55,000 annual restricted stock grant vesting quarterly; Doshi received no 2024 director fees/awards due to his mid-year appointment timing .
No items regarding pledging, loans, tax gross-ups, or clawback actions related to Doshi were disclosed in the proxy materials reviewed .