DURHAM — Durham-based Chimerix Inc. disclosed Wednesday that former CEO Michelle Berrey will collect severance benefits in the form of receiving her base salary 18 months following her departure.
Berrey’s base salary was $557,971 in 2018. At that rate, Berry will receive more than $830,000 in severance compensation.
The biopharmaceutical company developing novel antivirals to address life-threatening viral infections announced Berrey’s resignation Feb. 6.
Berrey joined Chimerix as chief medical officer in 2012 and was named president and CEO in April 2014.
Prior to joining Chimerix, she was chief marketing officer at Pharmasset Inc., a company that focused on the development of nucleotide analogs for the treatment of hepatitis C, from 2007 until its acquisition by Gilead Sciences Inc. in January 2012.
She earned her M.D. from the Medical College of Georgia and a Master of Public Health from Emory University and completed her internship and residency in internal medicine at the University of North Carolina at Chapel Hill.
As a part of the severance package, Berrey will receive accelerated vesting of all outstanding time-based stock options and other time-based stock awards as if she had completed service for an additional 15 months and payment of COBRA benefits for a period of 15 months.
Berrey also received an extension of the exercise period of her vested stock options until May 5, 2020.
Chimerix stock closed at $2.12, down 1 cent, on Wednesday.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism