One of the D.C. region’s largest biotechs is working to be among the first publicly traded companies in its industry to convert to a public benefit corporation — an entity that must answer to both shareholders and society at large.
United Therapeutics Corp. (NASDAQ: UTHR) will seek approval from those shareholders at a Sept. 30 meeting to make the change in its certificate of incorporation, after which it would not only report financial results but also its effect on environmental, social and governance priorities on a regular basis. Company officials say the legal change will not alter its business or leadership strategy.
“This is a natural evolutionary step for us, and not meant to herald a change in our future growth strategy,” said John Hess, executive vice president for the 25-year-old Silver Spring company.
If its public benefit mission is to treat more patients, he said, that also serves its revenue model well. United Therapeutics develops and sells a line of drugs aimed…
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