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July 24, 2024

Rallybio co-founder to step down as executive chairman, leave full-time role

Contributed Rallybio co-founders Martin Mackay, Ph.D., left, and Dr. Stephen Uden.
By David Krechevsky

Rallybio, a New Haven-based biotechnology firm, said Tuesday its co-founder and executive chairman will resign at the end of the year.

In an 8-K filing with the Securities and Exchange Commission, the company said Martin Mackay informed the board of directors that “he will resign his executive chairman role and his employment with Rallybio, effective Dec. 31, 2024.” 

After terminating his employment, Mackay will, however, remain on the board and serve as its chairman, the company said.

Mackay is a co-founder of Rallybio, located at 234 Church St., Suite 1020, in New Haven. The privately held company was incorporated in January 2018 as an early-stage biotechnology company developing therapies for patients with severe and rare diseases.

When Rallybio was founded, Mackay served as chief executive officer. He was succeeded as CEO on Aug. 1, 2023, by Dr. Stephen Uden, also a co-founder, who had been the company’s president and COO.

When Mackay left the CEO position, he became executive chairman of the board but remained a full-time employee and actively involved in the company, with a “focus on company strategy, investor relations and related activities,” according to a news release.

Before co-founding Rallybio, Mackay had served as executive vice president, head of research and development, at Alexion from 2013-17. 

Rallybio said it expects Mackay to sign a consulting agreement with the company on Jan. 1, 2025. The agreement will allow Mackay to serve as a consultant to Rallybio until Jan. 1, 2026, though the consulting period could be extended upon mutual agreement.

The agreement also could be terminated by either Rallybio or Mackay with 60 days' advance notice at any time. 

During the consulting period, Rallybio said, Mackay will serve as an independent contractor and receive a consulting fee of $18,750 per month. The fee is payable in monthly installments in arrears.

Because Mackay continues to serve on the company’s board, his equity awards will continue to vest in accordance with their existing terms, the company said.

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