Valby, Denmark, 2015-12-01 17:18 CET (GLOBE NEWSWIRE) -- Valby, Denmark, 1 December 2015 - The Board of Directors of H. Lundbeck A/S (Lundbeck) has resolved that Lundbeck will offer participation in a Restricted Share Unit-programme to a number of key employees as part of Lundbeck's long-term incentive programme 2015. A Restricted Share Unit is a conditioned right to receive one share in Lundbeck.
133 key employees employed in Lundbeck or a Lundbeck subsidiary (Danish and foreign companies in which Lundbeck directly, or indirectly, holds at least 50% of the shares) will be offered to participate in the programme, The members of the company's Board of Directors and the members of the Executive Management are not included in the programme. Appointment of the participants has been made by Lundbeck's Executive Management. The appointment has been based on e.g. the key employees' performance and ability to create long-term value.
All of the Restricted Share Units will vest in 2018, 3 years after grant, subject to achievement of financial targets and continued employment with the Lundbeck Group for the period from grant in 2015 until the Restricted Share Units have vested in 2018.
Key employees in the US subsidiaries will be offered participation in a Restricted Cash Unit-programme on terms and conditions similar to those that apply to the Restricted Share Unit programme. A Restricted Cash Unit is a conditioned right to receive a cash payout.
The market value of the Restricted Share Units and the Restricted Cash Units is calculated using the Black-Scholes method and is based on a volatility of 31.44%, a dividend yield of 2%, a risk free interest rate of 0.5%, a vesting period of 3 years and a share price of DKK 215.32. The total value of the Restricted Share Units and the Restricted Cash Units programmes at the time of grant is DKK 28 million.
Lundbeck contacts
| Investors: | Media: |
| Palle Holm Olesen | Mads Kronborg |
| Vice President, Investor Relations | Director, Corporate Communication |
| PALO@lundbeck.com | MAVK@lundbeck.com |
| +45 36 43 24 26 | +45 36 43 30 00 |
About Lundbeck
Lundbeck (LUN.CO, LUN DC, HLUYY) is a global pharmaceutical company specialized in brain diseases. For more than 70 years, we have been at the forefront of research within neuroscience. Our key areas of focus are Alzheimer’s disease, depression, Parkinson’s disease and psychosis.
An estimated 700 million people worldwide are living with brain disease and far too many suffer due to inadequate treatment, discrimination, a reduced number of working days, early retirement and other unnecessary consequences. Every day, we strive for improved treatment and a better life for people living with brain disease – we call this Progress in Mind.
Our approximately 5,500 employees in 57 countries are engaged in the entire value chain throughout research, development, production, marketing and sales. Our pipeline consists of several late-stage development programmes and our products are available in more than 100 countries. We have research centres in China and Denmark and production facilities in China, Denmark, France and Italy. Lundbeck generated core revenue of DKK 13.5 billion in 2014 (EUR 1.8 billion; USD 2.4 billion).
For additional information, we encourage you to visit our corporate site www.lundbeck.com and connect with us on Twitter at @Lundbeck.
