Galapagos issues 628,058 new shares related to Inpharmatica acquisition and warrant exercise
10 April 2007 - 5:01PM
UK Regulatory
Mechelen, Belgium; 10 April 2007 - Galapagos NV (Euronext & LSE:
GLPG) announced today that it has issued 628,058 new shares in
relation to the Inpharmatica acquisition and a warrant exercise.
On 6 December 2006, Galapagos announced the acquisition of UK-based
Inpharmatica Ltd. Under the acquisition agreement, the shareholders
of Inpharmatica have contributed their C Preference shares to the
capital of Galapagos, in exchange for a maximum of 2,165,532 newly to
be issued Galapagos shares. A first tranche of 623,582 Galapagos
shares was issued to former Inpharmatica shareholders in December
2006 as consideration for the contribution of their shares. On 6
April 2007, a second tranche of 613,270 new Galapagos shares was
issued and allocated to the former Inpharmatica shareholders as
further consideration. A commercial milestone relating to
Inpharmatica's business, that was anticipated for Q1 2007 and that
would have significantly increased the number of Galapagos shares to
be issued in further consideration, was not achieved by Inpharmatica
at the agreed upon due date; hence, no Galapagos shares need to be
issued in connection with this milestone, reducing the total purchase
price of Inpharmatica with 815,302 Galapagos shares. A third tranche
of a maximum of 113,378 Galapagos shares is expected to be issued on
7 May 2007 as final part of the consideration for the acquisition of
Inpharmatica. The newly issued shares are subject to a lock up
agreement ending 10 May 2007.
On 4 April 2007, a total of 14,788 new shares were issued as a result
of the exercise of warrants by (ex-) employees of Galapagos and its
Dutch affiliate, which were granted under the Warrant Plan 2002
Belgium and the Warrant Plan 2002 The Netherlands.
As a result of both share issues, the number of Galapagos' shares
outstanding as of 6 April 2007 is 20,479,388 shares, representing a
share capital of �111,256,659.15. All newly issued shares rank pari
passu with Galapagos' existing shares.
About Galapagos
Galapagos (Euronext Brussels, GLPG; Euronext Amsterdam, GLPGA; London
AiM: GLPG) is a drug discovery company with clinical and pre-clinical
programs in bone and joint diseases, cachexia, and menopausal hot
flashes. Its division BioFocus DPI offers a full suite of
target-to-drug discovery products and services to pharmaceutical and
biotech companies, encompassing target discovery and validation,
screening and drug discovery through to delivery of pre-clinical
candidates. BioFocus DPI also provides adenoviral reagents for rapid
identification and validation of novel drug targets, compound
libraries for drug screening as well as chemogenomics and ADMET[1]
database products to select targets and compounds. Galapagos
currently employs 450 people and operates facilities in eight
countries, with global headquarters in Mechelen, Belgium. More
information about Galapagos and BioFocus DPI can be found at
www.glpg.com.
CONTACT
Galapagos NV
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
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.
[1] ADMET is the acronym for Absorption, Distribution, Metabolism,
Excretion, and Toxicity: Meeting parameters against these five
criteria is critical to the success of a pharmaceutical compound as a
drug.
Copyright � Hugin ASA 2007. All rights reserved.
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