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Galapagos raises 2.1 million from warrant exercises, management increases shareholding

08 April 2010 at 07:30 CET

Mechelen, Belgium; 8 April 2010 - Galapagos NV (Euronext: GLPG) announced today a 2.1 million capital increase arising from employee warrant exercises as well as recent share purchases by senior management.  Furthermore, Galapagos announced the licensing of a compound for ophthalmic disease to Bausch & Lomb.

 

Share capital increase

Since its inception in 1999, Galapagos has used warrant plans to incentivize personnel and management and have them share in the success of the company.  Following warrant exercises during the exercise period in March 2010, Galapagos issued 239,058 new ordinary shares on 7 April 2010 for a total capital increase of 2,057,465.91, or an average of 8.61 per new share.  No member of the Executive Committee exercised warrants.  Board member Ferdinand Verdonck exercised warrants for 10,000 shares at 6.76 per share, with the intention to hold the shares.

 

Management shareholding increases

Galapagos management have filed individual share purchases made on Euronext since 5 March 2010.  Onno van de Stolpe, Andre Hoekema, Guillaume Jetten, and Board Chairman Raj Parekh purchased a combined total of 40,000 shares at a combined value of 465,876.  This brings total insider holdings at Galapagos to 1.5% of outstanding shares. 

 

Bausch & Lomb licenses Galapagos program for ophthalmic disease research

Bausch & Lomb has exercised its option to license a Galapagos compound as candidate drug for therapeutic uses in ophthalmic diseases.  Based on the April 2008 agreement, Galapagos will receive a payment of 0.5 million from Bausch & Lomb for the license.  In the collaboration, Bausch & Lomb is responsible for the preclinical and clinical development of the candidate drug for use in ophthalmic diseases.  Galapagos is eligible to receive research funding to support Bausch & Lomb's further development of the compound for ophthalmic uses, plus future milestone payments.  Pending successful development and commercialization under the license, potential total value of the payments exceeds US$50 million, plus royalties on the commercial sale of licensed products.

 

Publication of Annual Financial Report 2009 and Shareholders' Meeting documents
Galapagos published its Annual Financial Report 2009 and documentation for its Annual and Extraordinary General Shareholders' Meetings, which are available in English and Dutch via the Company's website at
www.glpg.com, or upon request via e-mail at ir@glpg.com. The Annual and Extraordinary General Shareholders' Meetings will take place on 27 April 2010, starting at 14.00 CET, at the Company's headquarters in Mechelen, Belgium.

 

 

About Galapagos

Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size biotechnology company specialized in the discovery and development of small molecule and antibody therapies with novel modes-of-action.  The Company is progressing one of the largest pipelines in biotech, with four clinical and over 50 small molecule discovery/pre-clinical programs.  Through risk/reward-sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co. and Roche, Galapagos is eligible to receive up to 3 billion in downstream milestones, plus royalties.  Including the BioFocus and Argenta service operations, Galapagos has more than 670 employees and operates facilities in six countries, with global headquarters in Mechelen, Belgium.  More info at: www.glpg.com

 

 

CONTACT

 

Galapagos NV

Onno van de Stolpe, CEO

Tel: +31 6 2909 8028

 

Elizabeth Goodwin, Director Investor Relations

Tel: +31 6 2291 6240

ir@glpg.com

 

This release may contain forward-looking statements, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "could," "stands to," and "continues," as well as similar expressions. Such forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of Galapagos, or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. Galapagos expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.

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