MorphoSys Received Authorization to Repurchase Shares
MorphoSys AG (FSE: MOR; Prime Standard Segment, TecDAX) announced today that at the Company's annual shareholder meeting, which took place in Munich on Friday, May 21, 2010, its shareholders approved all management proposals put to vote at the meeting.
Amongst other measures, the shareholders authorized the Company to repurchase treasury stock up to a total of 10 % of the share capital until April 30, 2015. Additionally, in line with the Appropriateness of Executive Compensation Act (VorstAG), which came into effect in August 2009, the shareholders' plenum cast a non-committal vote in favor of the Company's compensation system for Executive Board members during the annual shareholders' meeting.
'We intend to use the share buy-back primarily as a means to provide a long-term incentive program for the executive board and our senior management,' commented Dr. Simon Moroney, Chief Executive Officer of MorphoSys AG.
The shareholders of MorphoSys AG also approved:
Granting full discharge to the members of the Management Board and the Supervisory Board for their activities during the business year 2009
The appointment of KPMG AG Wirtschaftsprüfungsgesellschaft, Munich, as auditors of the Company and the MorphoSys Group for the business year 2010
Amendment of the Articles of Association in accordance with the Act Implementing the Shareholders' Rights Directive (ARUG)
Partial deletion of the Conditional Capital 2003-II, thereby eliminating options which have expired or been forfeited
The compensation of the Supervisory Board
At the Annual General Meeting of MorphoSys AG 35.3% of the total share capital was represented.
About MorphoSys:
MorphoSys is an independent biotechnology company that develops novel antibodies for therapeutic, diagnostic and research applications. The Company's HuCAL technology is one of the most powerful methods available for generating fully human antibodies. By successfully applying this and other proprietary technologies, MorphoSys has become a leader in the field of therapeutic antibodies, one of the fastest-growing drug classes in human health-care. Through its alliances with some of the world's leading pharmaceutical companies, MorphoSys has created a pipeline of more than 60 drug candidates. The Company is expanding its drug pipeline by adding new partnered programs, and by building a portfolio of fully-owned therapeutic antibodies. For its proprietary portfolio, the Company is focused on the areas of oncology and inflammation. Its most advanced program MOR103, a first-in-class, fully human antibody against GM-CSF, is currently tested in a Phase Ib/IIa trial in rheumatoid arthritis patients. Via its business unit AbD Serotec, MorphoSys is expanding the reach of its technologies in the diagnostics and research markets. MorphoSys is headquartered in Munich, Germany and listed on the Frankfurt Stock Exchange under the symbol 'MOR'. For further information, visit http://www.morphosys.com/
HuCAL®, HuCAL GOLD®, HuCAL PLATINUM®, CysDisplay® and RapMAT® are registered trademarks of MorphoSys AG.