Genmab Announces Initiation of Share Buy-Back Program
15 März 2024 - 1:16PM
Genmab Announces Initiation of Share Buy-Back Program
Company Announcement
- Repurchase of up to DKK 3.5
billion worth of shares
- Completion expected no
later than December 16, 2024
COPENHAGEN, Denmark; March 15, 2024
– Genmab A/S (Nasdaq: GMAB)
announced today that it is initiating a share buy-back 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.”
Time frame The share
buy-back program will start on March 18, 2024, and is expected to
end no later than December 16, 2024 (unless Genmab terminates or
suspends the program).
TermsGenmab has entered into a
non-discretionary instruction with Morgan Stanley Europe SE
(‘Morgan Stanley’) in relation to the share buy-back program.
Morgan Stanley 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 DKK
3.5 billion worth of shares.
Any purchase of ordinary shares done in relation
to this announcement will be carried out on Nasdaq Copenhagen and
Multilateral Trading Facilities and executed in accordance with the
price and volume conditions set out in the Commission Delegated
Regulation (EU) 2016/1052 of 8 March 2016 supplementing Regulation
(EU) No 596/2014 of the European Parliament and of the Council with
regard to regulatory technical standards for the conditions
applicable to buyback programs and stabilization measures, and
Genmab’s general authority to make market purchases of ordinary
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 the trading venue where the
purchase is carried out and (ii) the price of the highest
independent bid the trading venue where the purchase is carried out
at the time of the transaction. The total number of shares that may
be purchased on a single trading day on each trading venue may not
exceed 25% of the average daily trading volume over the preceding
20 trading days on such trading venue.
As of March 14, 2024, Genmab holds 863,972
treasury shares equal to 1.31% of the share capital.
Upon initiation of the program, Genmab will
issue a weekly announcement in respect of transactions made under
the program.
About Genmab Genmab is an
international biotechnology company with a core purpose guiding its
unstoppable team to strive towards improving the lives of patients
through innovative and differentiated antibody therapeutics. For 25
years, its passionate, innovative and collaborative team has
invented next-generation antibody technology platforms and
leveraged translational, quantitative, and data sciences, resulting
in a proprietary pipeline including bispecific T-cell engagers,
next-generation immune checkpoint modulators, effector function
enhanced antibodies, and antibody-drug conjugates. To help develop
and deliver novel antibody therapies to patients, Genmab has formed
20+ strategic partnerships with biotechnology and pharmaceutical
companies. By 2030, Genmab’s vision is to transform the lives of
people with cancer and other serious diseases with
knock-your-socks-off (KYSO®) antibody medicines.
Established in 1999, Genmab 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 and follow us on LinkedIn and
X.
Contact: Marisol
Peron, Senior Vice President, Global Communications & Corporate
AffairsT: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor
RelationsT: +45 3377 9558; E: acn@genmab.com This Company
Announcement contains forward looking statements. The words
“believe”, “expect”, “anticipate”, “intend” and “plan” and similar
expressions identify forward looking statements. Actual results or
performance may differ materially from any future results or
performance expressed or implied by such statements. The important
factors that could cause our actual results or performance to
differ materially include, among others, risks associated with
pre-clinical and clinical development of products, uncertainties
related to the outcome and conduct of clinical trials including
unforeseen safety issues, uncertainties related to product
manufacturing, the lack of market acceptance of our products, our
inability to manage growth, the competitive environment in relation
to our business area and markets, our inability to attract and
retain suitably qualified personnel, the unenforceability or lack
of protection of our patents and proprietary rights, our
relationships with affiliated entities, changes and developments in
technology which may render our products or technologies obsolete,
and other factors. For a further discussion of these risks, please
refer to the risk management sections in Genmab’s most recent
financial reports, which are available on www.genmab.com and the
risk factors included in Genmab’s most recent Annual Report on Form
20-F and other filings with the U.S. Securities and Exchange
Commission (SEC), which are available at www.sec.gov. Genmab does
not undertake any obligation to update or revise forward looking
statements in this Company Announcement nor to confirm such
statements to reflect subsequent events or circumstances after the
date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks:
Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the
Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®,
HexElect® and KYSO®.
Company Announcement no. 22 CVR no. 2102 3884 LEI Code
529900MTJPDPE4MHJ122
Genmab A/SCarl Jacobsens Vej 302500 Valby Denmark
- 150324_CA22_Annoucement of Share Buyback Program
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