Seaport Therapeutics names new audit committee chair

BOSTON - Seaport Therapeutics, a clinical-stage biopharmaceutical company, announced the appointment of Robert J. Hombach to its Board of Directors as the Chair of the Audit Committee. Hombach, a former executive at Baxter and Baxalta, brings over 30 years of financial and operational experience in the biotech sector to Seaport Therapeutics. Baxter, a prominent player in the Healthcare Equipment & Supplies industry with a market capitalization of $18.71 billion and annual revenue of $10.64 billion, has shown strong momentum with a 26% return year-to-date according to InvestingPro data.

Hombach’s career highlights include his roles as Executive Vice President, Chief Financial Officer, and Chief Operations Officer at Baxalta, and Corporate Vice President and Chief Financial Officer at Baxter. His leadership was notably recognized during Baxalta’s spinoff from Baxter and its subsequent acquisition by Shire plc in 2016. During his tenure at Baxter, the company maintained its impressive track record of 55 consecutive years of dividend payments, currently yielding 1.86%. Hombach’s board experience extends to several public and private companies, including BioMarin and Henry Schein, where he also serves on various committees.

Daphne Zohar, Founder and CEO of Seaport Therapeutics, expressed confidence in Hombach’s appointment, citing his extensive financial acumen and operational expertise as valuable assets for the company’s growth and development of neuropsychiatric medicines.

Hombach’s appointment comes at a pivotal time for Seaport, which is focused on advancing its pipeline of neuropsychiatric therapeutics. The company’s proprietary Glyph technology platform underpins its therapeutic candidates, aiming to improve oral bioavailability and reduce side effects.

In addition to his corporate roles, Hombach has been recognized as a Top 100 US CFO by IR Magazine and as a Board Leadership Fellow by the National Association of Corporate Directors (NACD). He holds an M.B.A. from Northwestern University’s Kellogg Graduate School of Management and a B.S. in Finance cum laude from the University of Colorado. For detailed analysis of Baxter’s financial health, valuation metrics, and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which provides expert insights on over 1,400 US stocks.

Seaport Therapeutics is part of PureTech Health’s portfolio, a clinical-stage biotherapeutics company with a broad pipeline of 29 therapeutics and therapeutic candidates. This news is based on a press release statement from PureTech Health.

In other recent news, Baxter International reported strong financial results for the fourth quarter of 2024, exceeding analyst expectations with an adjusted earnings per share (EPS) of $0.58 and revenue of $2.75 billion. This performance surpassed forecasts of $0.52 EPS and $2.67 billion in revenue. The company’s positive outlook for 2025 includes expected sales growth of 5-6% and an adjusted EPS guidance of $2.45-$2.55. Additionally, Baxter’s strategic focus on innovation and market expansion has been highlighted by the successful launch of the Novum IQ infusion pump and a 50% growth in its infusion business.

Goldman Sachs has reinstated coverage on Baxter with a Buy rating and set a price target of $42, citing a positive risk/reward balance and a projected 12.5% compound annual growth rate in EPS over the next three years. The firm expects improvements in margins and cash flow, supporting EPS estimates that are above consensus for 2025 to 2027. UBS also raised its price target for Baxter to $35 from $32.50, maintaining a Neutral rating, following Baxter’s robust organic sales growth and EPS that exceeded market expectations despite a hurricane impact.

The ongoing search for a new CEO at Baxter introduces some uncertainty, as noted by UBS, which is looking for more clarity on potential strategic shifts with new leadership. These developments reflect Baxter’s efforts to rejuvenate its product pipeline and set the company on a path to long-term growth.

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