Munich – Formycon AG (ISIN: DE000A1EWVY8/ WKN: A1EWVY) held its Annual General Meeting on December 10, 2020 – for the protection of all persons involved – in virtual form.
The shareholders were able to follow the virtual Annual General Meeting live in picture and sound via the Company’s AGM portal. They followed the proposals of the Board of Management and Supervisory Board and approved all the resolutions proposed by the management with large majorities. Both the members of the Board of Management and the Supervisory Board were given a vote of confidence with majorities of more than 96 percent each. The candidates proposed for election to the Supervisory Board, Dr. Olaf Stiller, Mr. Peter Wendeln and Mr. Klaus Röhrig, were elected to the Supervisory Board with large majorities. In a subsequent constituent meeting, the Supervisory Board re-elected Dr. Olaf Stiller as Chairman and Mr. Peter Wendeln as Deputy Chairman. Both enter their third term of office in the Supervisory Board of Formycon AG. Hermann Vogt, who had served the Company as Deputy Chairman of the Supervisory Board since 2013, did not reapply for election. Dr. Stiller expressed his thanks to Mr. Vogt for his many years of membership in the Supervisory Board and for his consistently good cooperation.
Voting rights could be executed before and during the virtual Annual General Meeting by postal vote or by authorizing the Company’s proxies. A total of around 7.14 million no-par value shares were submitted to the vote, corresponding to 64.9 % of the share capital.
Detailed voting results and further information on the 2020 virtual Annual General Meeting can be found at https://www.formycon.com/en/investor-relations/annual-general-meeting/.
Formycon is a leading, independent developer of high-quality biopharmaceutical medicines, especially biosimilars. The company focuses on treatments in ophthalmology, immunology and on other key chronic diseases, covering the entire value chain from technical development to the clinical phase III as well as the preparation of dossiers for marketing approval. With its biosimilars, Formycon is making a major contribution towards providing as many patients as possible with access to vital and affordable medicines. Formycon currently has four biosimilars in development. Based on its extensive experience in the development of biopharmaceutical drugs, the company is also working on the development of antibody-based COVID-19 compounds.
Since their introduction in the 1980s, biopharmaceuticals have revolutionized the treatment of serious diseases such as cancer, diabetes, rheumatoid arthritis, multiple sclerosis and eye diseases. In the coming years, many of these biotech drugs will lose their patent protection – and by 2020, medications with revenues of approximately USD 100 billion will be off patent. Biosimilars are follow-on versions of biopharmaceuticals, for which exclusivity has expired. They are approved via stringent regulatory pathways in highly regulated markets (such as EU, US, Japan, Canada, Australia) based on proven similarity of the biosimilar with the originator biopharmaceutical reference product. In 2019, global sales of biosimilars exceeded USD12 billion. Analysts estimate that this figure could rise to around USD 69 billion by 2025.