Copenhagen-based pharmaceutical company Genmab A/S (NASDAQ:GMAB) announced today that it has conducted transactions as part of its share buyback program. The buyback operations were carried out between June 17 and June 21, 2024, in accordance with the company's ongoing capital allocation strategy.
The transactions were made under the share buyback program that Genmab A/S had previously announced, which is being executed in line with the provisions of the Market Abuse Regulation (EU) No 596/2014 ("MAR") and the Commission Delegated Regulation (EU) 2016/1052, ensuring transparency and regulatory compliance.
In the specified period, Genmab A/S purchased shares with the aim to adjust the capital structure of the company and to meet obligations arising from share-based incentive programs. The details of the transactions, including the number of shares acquired and the transaction prices, were not disclosed in the press release.
This buyback activity is part of a broader program that has been incorporated by reference into Genmab A/S’s registration statements on Form S-8, as per the filing. The program is intended to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
Anthony Pagano, Executive Vice President & Chief Financial Officer of Genmab A/S, signed the SEC Form 6-K report, which was filed on June 24, 2024. The report is deemed to be incorporated by reference in the company's registration statements, further aligning with the company's reporting obligations.
Investors and stakeholders can refer to the company's announcement dated June 24, 2024, for additional details regarding the share buyback program. However, the announcement does not elaborate on the future prospects of the company or its market position.
In other recent news, Genmab A/S has made significant strides in its operations and strategic initiatives. The company reported robust first-quarter results in 2024, with substantial revenue growth driven by strong sales of DARZALEX and KESIMPTA. In a strategic move, Genmab also completed its $1.8 billion acquisition of ProfoundBio, Inc., gaining global rights to three clinical-stage candidates and novel ADC technology platforms, expected to bolster its capabilities in antibody-drug conjugates and fortify its clinical pipeline.
Genmab's drug Acasun, used in the treatment of PD-1 progressed lung cancer, has been highlighted by Truist Securities as a potential $2 billion revenue opportunity. This projection led to a stock upgrade and a price target increase to $53 from $50. The company also issued restricted stock units and warrants to its employees, aligning the interests of employees with those of shareholders.
Furthermore, Genmab has been actively executing its share buy-back program, repurchasing shares as part of its strategic financial management. The transactions, part of an initiative announced in March 2024, to buy back up to DKK 3.5 billion worth of shares, are planned to be completed by December 2024. Following the recent transactions, the company holds 2,508,013 treasury shares, corresponding to 3.79% of the total share capital and voting rights. These are the recent developments at Genmab A/S.
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