Genmab announces initiation of share buy-back program
- Repurchase of up to 200,000 shares
- Mitigating dilution from warrant exercises and honoring commitments under our Restricted Stock Unit program
- Completion expected no later than June 30, 2021
COPENHAGEN, Denmark; February 23, 2021 – Genmab A/S (Nasdaq: GMAB) announced today that it is initiating a share buy-back program to mitigate dilution from warrant exercises and honor our commitments under our Restricted Stock Unit program. The share buy-back program will be undertaken on the terms set out below and in accordance with Regulation (EU) No. 596/2014 (‘MAR’) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the “Safe Harbour Regulation.”
The purpose of the share buy-back program is to mitigate dilution caused by warrant exercises and to honor our commitments under our Restricted Stock Unit program.
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The share buy-back program will start on February 24, 2021 and will be completed no later than June 30, 2021 (unless Genmab terminates or suspends the program).
Genmab has appointed Danske Bank as lead manager for the share buy-back program. Danske Bank will make its own trading decisions and act independently of and without influence or involvement from Genmab. Under this share buy-back program Genmab may repurchase up to 200,000 shares.
Shares acquired under the program cannot be purchased at a price exceeding the higher of (i) the price of the latest independent transaction on Nasdaq Copenhagen and (ii) the price of the highest independent bid on Nasdaq Copenhagen at the time of the transaction. The total number of shares that may be purchased on a single trading day may not exceed 25% of the average daily trading volume over the preceding 20 trading days on Nasdaq Copenhagen.
As of February 23, 2021, Genmab holds 102,977 treasury shares equal to 0.16% of the share capital.
Genmab is entitled to suspend or stop the program at any time subject to announcement to Nasdaq Copenhagen.
Upon initiation of the program, Genmab will issue a weekly announcement in respect of transactions made under the program.
Genmab is an international biotechnology company with a core purpose to improve the lives of patients with cancer. Founded in 1999, Genmab is the creator of multiple approved antibody therapeutics that are marketed by its partners. The company aims to create, develop and commercialize differentiated therapies by leveraging next-generation antibody technologies, expertise in antibody biology, translational research and data sciences and strategic partnerships. To create novel therapies, Genmab utilizes its next-generation antibody technologies, which are the result of its collaborative company culture and a deep passion for innovation. Genmab’s proprietary pipeline consists of modified antibody candidates, including bispecific T-cell engagers and next-generation immune checkpoint modulators, effector function enhanced antibodies and antibody-drug conjugates. The company is headquartered in Copenhagen, Denmark with locations in Utrecht, the Netherlands, Princeton, New Jersey, U.S. and Tokyo, Japan. For more information, please visit Genmab.com.