UPPSALA, Sweden, April 26, 2019 /PRNewswire/ -- The 2016 annual general meeting of Orexo resolved on a long-term incentive plan for senior executives and key employees within the Orexo group ("LTIP 2016/2019"). Participants in LTIP 2016/2019 were granted share awards, entitling to shares in the company, subject to certain performance conditions, after a three-year vesting period. Given the company's positive development since 2016, the performance conditions under LTIP 2016/2019 have been satisfied and participants in the plan, including members of Orexo's group management, will be eligible to receive shares in the company in May 2019. As is customary, some participants will sell received shares in the market, for example to cover their tax cost in relation to the plan. Such share sales will take place following the vesting day on May 3rd.
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Orexo AB (publ.)
Orexo develops improved pharmaceuticals based on innovative drug delivery technologies. The focus is primarily on opioid addiction and pain but the aim is to address therapeutic areas where our competence and technologies can create value. The products are commercialized by Orexo in the US or via partners worldwide. The main market today is the American market for buprenorphine/naloxone products, where Orexo sells the product Zubsolv®. Total net sales for 2018 amounted to SEK 783.1 million and the number of employees was 129. Orexo is listed on the Nasdaq Stockholm Mid Cap (ORX) and is available as ADRs on OTCQX (ORXOY) in the US. The head office, where research and development is also performed, is situated in Uppsala, Sweden.
For more information about Orexo please visit, www.orexo.com. You can also follow Orexo on Twitter, @orexoabpubl, LinkedIn and YouTube.
The information was submitted for publication at 5.30 pm CET on April 26, 2019.
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Issues of shares following the vesting of 2016/2019 incentive plan