COPENHAGEN - Genmab A/S (NASDAQ:GMAB), a Danish biotechnology company, has announced the launch of a share buy-back program, with the repurchase of shares valued up to DKK 3.5 billion. The program is set to commence on Sunday and will run until December 16, 2024, unless concluded earlier by the company.
The buy-back plan will be conducted under the Safe Harbour Regulation, ensuring compliance with the Market Abuse Regulation (EU) No. 596/2014 and other applicable regulations. Independent from Genmab, Morgan Stanley (NYSE:MS) Europe SE will manage the repurchase process, making trading decisions autonomously.
According to the terms, shares cannot be bought at a price higher than either the latest independent transaction or the highest independent bid on the trading venue at the time of purchase. Additionally, the volume of shares purchased on any given day will not exceed 25% of the average daily trading volume on the venue over the past 20 trading days.
Genmab, known for its innovative antibody therapeutics, maintains a portfolio of proprietary technologies and has established over 20 strategic partnerships in the biotech and pharmaceutical sectors. The company's vision is to transform the lives of patients with serious diseases by 2030 with their cutting-edge antibody medicines.
As of now, Genmab holds 863,972 treasury shares, making up 1.31% of the share capital. Weekly announcements will be made to update on transactions made under the share buy-back program.
The company has highlighted that this announcement may contain forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ from expectations. These risks are detailed in Genmab's financial reports and filings with the U.S. Securities and Exchange Commission.
This news is based on a press release statement from Genmab A/S.
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