Formycon invites to the Annual General Meeting on June 12, 2024 in Munich

Press release // 07 May 2024

Formycon invites to the Annual General Meeting on June 12, 2024 in Munich

• Formycon proposes to the Annual General Meeting a more international focus and expansion of the Supervisory Board to five members
• With Colin Bond, Dr. Bodo Coldewey and Nicholas Haggar, three new candidates with relevant industry and financial expertise stand for election
• Dr. Olaf Stiller and Peter Wendeln to step down from the Supervisory Board by mutual agreement

Planegg-Martinsried, Germany – Formycon AG (FSE: FYB, "Formycon") has published the invitation to its Annual General Meeting on Wednesday, June 12, 2024. The Annual General Meeting will be held as an in-person event for shareholders and their proxies from 11 a.m. (CEST) at the Haus der Bayerischen Wirtschaft in Munich.

The agenda for this year's Annual General Meeting includes proposed resolutions for the election of two new members to the Supervisory Board, an increase in the size of the Supervisory Board from four to a total of five members and the election of a new member to the expanded Supervisory Board. The aim is to achieve a more international focus and expand the industrial and financial expertise of the Supervisory Board with new independent members.

In agreement with Formycon, the Chairman of the Supervisory Board, Dr. Olaf Stiller, and his Deputy, Peter Wendeln, have decided to resign from the Supervisory Board after more than 10 years of service with effect from the end of the Annual General Meeting on June 12, 2024. 

The Executive Board of Formycon AG therefore proposes to the Annual General Meeting that a total of three new members be elected to the Supervisory Board. Dr. Bodo Coldewey, Managing Director of WEGA Invest GmbH, the family office of the Wendeln family, and Nicholas Haggar, currently CEO of healthqube Ltd and long-standing executive at major pharmaceutical companies, are standing for election to replace the outgoing members. Colin Bond, currently CFO of Sandoz Group AG, will be proposed as a new member of the expanded Supervisory Board effective 1 October 2024.

The previously elected Supervisory Board members Wolfgang Essler, General Authorized Representative of ATHOS KG, and Klaus Roehrig, Founding Partner of the Active Ownership Group AOC, will continue their duties. Wolfgang Essler has agreed to take over as Chairman of the Supervisory Board following the election of the new Supervisory Board by the Annual General Meeting. 

Dr. Olaf Stiller, Acting Chairman of the Supervisory Board, commented on his decision to support and initiate the more international approach and the expansion of the Supervisory Board: "Formycon has made impressive progress in recent years and is on track for expansion with a growing and sustainable biosimilar pipeline. Now, it is the right time to pass the baton to new hands. I co-founded the company, have actively supported it for a long time and will remain closely associated with it as I am very proud of this great company with its experienced and strong team". 

Peter Wendeln, Deputy Chairman of the Supervisory Board, said: "As an investor from the very beginning and today Formycon’ s second largest shareholder, I am very interested in ensuring that the path we have taken, and the greater internationalization of the business are successful. In addition to strong partners in manufacturing and commercialization, it is important to have an internationally focused management and Supervisory Board team with a strong sector network and financial expertise, and to adapt and strengthen this team in line with the company's development. Like Dr. Olaf Stiller, I will remain closely associated with Formycon and proudly follow its further development."

Stefan Glombitza, CEO of Formycon AG, commented: "The biosimilars market will grow rapidly in the coming years. The development and commercialization of biosimilars will enable us to achieve our mission of providing high-quality medicines. The entire Management Board of Formycon AG and its employees are extremely committed to this task and are working with great passion to lead Formycon into a promising and profitable future. We would like to thank Dr. Olaf Stiller and Peter Wendeln from the bottom of our hearts for their tireless commitment to Formycon as Supervisory Board members, for their strategic vision as investors and for the great support that my colleagues and I have received over the years. As Management, we welcome the new suggestions for the Supervisory Board and its expansion to five members and hope for the approval of our Annual General Meeting."

On June 12, 2024, the following candidates will stand for election by the shareholders:

Colin Bond

Colin Bond is currently CFO of Sandoz Group AG, Basel, Switzerland and will retire from Sandoz on June 30, 2024. Before joining Sandoz, he was CFO of Vifor Pharma from 2016 to 2022 and prior to that CFO of Evotec AG from 2010 to 2016. During his early career, he worked as a pharmacist, auditor, and management consultant for Procter & Gamble, Arthur Andersen, and PricewaterhouseCoopers LLP, respectively. His academic background includes a BSc. in Pharmacy and an MBA degree from London Business School. He is a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Royal Pharmaceutical Society. Colin Bond holds dual British and Swiss citizenship.  

Dr. Bodo Coldewey

Dr. Bodo Coldewey is Managing Director of WEGA Invest GmbH, the family office of the Wendeln family, and has extensive experience in corporate management and investments. He plays a central role in the strategic direction and management of significant assets of the family office. Prior to his time at WEGA Invest, Dr. Coldewey held senior positions in the banking, investment and consulting sectors. He therefore brings not only the necessary financial expertise, but also a valuable entrepreneurial perspective to the Supervisory Board.

"The Family Office Wendeln has accompanied Formycon for many years and it would be a great pleasure for me to take over the mandate from Peter Wendeln, who would like to retire from operational Supervisory Board work, and to be able to support this rising company with my expertise as it continues to grow." 

Nicholas Haggar

Nicholas Haggar is a British citizen and CEO of healthqube ltd, Berkhamsted, UK, a venture capital investment firm focused on pharmaceutical and biotechnology companies. Investments focus on specialty, biologics and innovative medicines. He has gained extensive experience in the biopharmaceutical industry and held executive positions in renowned pharmaceutical companies such as GSK, Sandoz and Zentiva over the last 30 years. His broad skills in corporate development and his commitment to the development of biosimilars make him a valuable leader in the industry.

"Formycon is already one of the most successful pure-play biosimilar developers with an excellent international reputation. I would like to bring my many years of experience in this emerging market segment to the company and contribute to the further development of Formycon."

Further information:

The invitation for the Annual General Meeting and further voluntary information on the candidates proposed for election, including information on memberships in statutory supervisory boards and comparable domestic and foreign supervisory bodies, are available on the company's website at https://www.formycon.com/en/investor-relations/annual-general-meeting-2024/.

About Formycon:
Formycon AG (FSE: FYB) is a leading, independent developer of high-quality biosimilars, follow-on products of biopharmaceutical medicines. The company focuses on therapies in ophthalmology, immunology, immuno-oncology and other key disease areas, covering almost the entire value chain from technical development through clinical trials to approval by the regulatory authorities. For commercialization of its biosimilars, Formycon relies on strong, well-trusted and long-term partnerships worldwide. With FYB201/Ranibizumab, Formycon already has a biosimilar on the market in Europe and the USA. Another five biosimilar candidates are currently in development. With its biosimilars, Formycon is making an important contribution to providing as many patients as possible with access to highly effective and affordable medicines. Formycon AG is headquartered in Munich and is listed on the Frankfurt Stock Exchange: FYB / ISIN: DE000A1EWVY8 / WKN: A1EWVY. Further information can be found at: https://www.formycon.com

About Biosimilars:
Since their introduction in the 1980s, biopharmaceutical drugs have revolutionized the treatment of serious and chronic diseases. By 2032, many of these drugs will lose their patent protection – including 45 blockbusters with an estimated total annual global turnover of more than 200 billion US dollars. Biosimilars are successor products to biopharmaceutical drugs for which market exclusivity has expired. They are approved in highly regulated markets such as the EU, the USA, Canada, Japan and Australia in accordance with strict regulatory procedures. Biosimilars create competition and thus give more patients access to biopharmaceutical therapies. At the same time, they reduce costs for healthcare providers. Global sales of biosimilars currently amount to around 21 billion US dollars. Analysts assume that sales could rise to over 74 billion US dollars by 2030.

Contact:
Sabrina Müller,
Director Investor Relations & Corporate Communications,
Formycon AG
Fraunhoferstr. 15
82152 Planegg-Martinsried
Germany

Tel.: +49 (0) 89 - 86 46 67 149
Fax: + 49 (0) 89 - 86 46 67 110
Sabrina.Mueller@formycon.com

Disclaimer:
This press release may contain forward-looking statements and information which are based on Formycon’s current expectations and certain assumptions. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, performance of the company, development of the products and the estimates given here. Such known and unknown risks and uncertainties comprise, among others, the research and development, the regulatory approval process, the timing of the actions of regulatory bodies and other governmental authorities, clinical results, changes in laws and regulations, product quality, patient safety, patent litigation, contractual risks and dependencies from third parties. With respect to pipeline products, Formycon AG does not provide any representation, warranties or any other guarantees that the products will receive the necessary regulatory approvals or that they will prove to be commercially exploitable and/or successful. Formycon AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated. This document neither constitutes an offer to sell nor a solicitation of an offer to buy or subscribe for securities of Formycon AG. No public offering of securities of Formycon AG will be made nor is a public offering intended. This document and the information contained therein may not be distributed in or into the United States of America, Canada, Australia, Japan or any other jurisdictions, in which such offer or such solicitation would be prohibited. This document does not constitute an offer for the sale of securities in the United States.