Galapagos NV (GLPG.BR) Announces Appointment Of Howard Rowe To Board Of Directors, Increases Share Capital Through Warrant Exercises
MECHELEN, BELGIUM--(Marketwire - September 07, 2010) - Galapagos NV (Euronext: GLPG) announced today that its Board of Directors has appointed Mr. Howard Rowe as an Independent Director of the Company. Furthermore, Galapagos announced a capital increase arising from employee warrant exercises.
Howard Rowe (41) was previously a Managing Director with Goldman Sachs where he had multiple Healthcare responsibilities over his 12 years at the firm. His most recent roles at Goldman Sachs were as part of the European Special Situations and Principal Strategies teams where he established and led the private healthcare investing effort. During that time he served on the boards of EUSA Pharma, Healthcare Brands International, MedAvante, SmallBone Innovations and Ikonisys. Prior to his investing activities, Mr. Rowe was a senior member of the European Healthcare Investment Banking team, where he advised numerous corporate clients on M&A and corporate finance activities. Before joining Goldman Sachs, he was a corporate lawyer with the law firm Sullivan & Cromwell. Mr. Rowe received his Bachelor of Science in Psychobiology from the University of Southern California, and his JD from Harvard Law School.
Mr. Rowe's appointment as a Board Member is for a period until the 2011 annual shareholders' meeting. He is an Independent Director and also is appointed as a member of the Remuneration Committee. This appointment fills the vacancy created by Dr. Garth Rapeport's resignation from the Board in June 2010.
"We are pleased to welcome Howard Rowe to our Board of Directors," said Onno van de Stolpe, CEO of Galapagos. "Howard brings extensive experience in strategic growth in the healthcare industry, which will add value to Galapagos' future as a leading European biotech with a maturing clinical pipeline."
Share capital increase
Since its inception in 1999, Galapagos has used warrant plans to incentivize personnel and management and have them share in the success of the company. Following warrant exercises during the exercise period in August 2010, Galapagos issued 3,442 new ordinary shares on 7 September 2010 for a total capital increase, including issuance premium, of EUR29,913.90, or an average of EUR8.69 per new share. No member of the Board or Executive Committee exercised warrants. Following today's capital increase, Galapagos now has a share capital amounting to EUR129,252,393.80, with a total of 23,893,480 ordinary shares outstanding. There are no other voting securities.
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 clinical and over 50 small molecule discovery/pre-clinical programs. Through risk/reward-sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co., Roche and Servier, Galapagos is eligible to receive up to EUR3.3 billion in downstream milestones, plus royalties. Together with its BioFocus and Argenta service operations, Galapagos has over 680 employees and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More info at: www.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.
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