Mechelen, Belgium; 23 May 2011 - Galapagos NV (Euronext: GLPG) announced today that its Extraordinary General Shareholders' Meeting (EGM) held today approved all proposals, including the creation of a new Warrant Plan for the benefit of the Directors. In addition, the Board of Directors approved the creation of a new Warrant Plan for the benefit of employees and independent consultants of the Company.
Galapagos announced that its EGM held today approved all proposals, including the Warrant Plan 2011 (B), creating (subject to acceptance) 131,740 warrants for the benefit of the Directors of the Company. These warrants have an exercise period of five years starting as of the date of the offer. Also today, the Board of Directors, using the authorized capital, created the Warrant Plan 2011 for the benefit of certain employees and independent consultants of the Company and its subsidiaries. Under this plan 802,500 were created (subject to acceptances), with an exercise period of eight years starting as of the date of the offer.
The warrants created under the Warrant Plan 2011 and the Warrant Plan 2011 (B) were offered to the beneficiaries on 23 May 2011, and have an exercise price of €9.95 (thirty days average closing price of the share on Euronext Brussels preceding date of the offer). The warrants created under these plans are not transferable and cannot be exercised prior to the end of the third calendar year after the year in which they were granted to the beneficiaries. Each warrant gives the right to subscribe to one new Galapagos share. Should the warrants be exercised, Galapagos will apply for the listing of the resulting new shares on a regulated stock market. The warrants as such will not be admitted to listing on any stock market.
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 six programs in development and over 50 discovery programs. Through risk/reward-sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Roche and Servier, Galapagos is eligible to receive up to €2.5 billion in downstream milestones, plus royalties. The Galapagos Group has over 800 employees and operates facilities in seven countries, with global headquarters in Mechelen, Belgium. More info at: www.glpg.com
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
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.