Genmab — December 2017

[E_L]

I am sorry JV, but I think you overexagerate by comparing to that time. They are doing clinical research as they have done before, there is no talk of production/ manufacturing.

[E_L]

There is talk of a small sales force, as they believe the market can be aproached in new ways, i give them the benefit of the doubt on that; let them try.

[E_L]

One of Jans' first tasks as CEO at the time was to put the factory up for sale remember...

[JørgenVarnæs]

det helt store problem her, er jo at ledelsen kanaliserer alle dara midlerne over i programmer, der på ingen strækninger har vist håndgribeligt potentiale endnu

[JørgenVarnæs]

Og Jan's håndtering af det salg var meget lig det, vi ser med den tech-deal, vi fik tidligere i dag

[E_L]

how do you mean that?

[JørgenVarnæs]

medarbejderne, der nu nyder godt af de massive aktieprogrammer belønnes for daras progress - mens de arbejder på early stage programmer uden proof-of concept

[JørgenVarnæs]

vi betaler dyrt for noget, som vi ikke aner vil fungere

[Darvin]

totally agree EL

[JørgenVarnæs]

fabrikken kan vise sig at være en bargain i forhold til det vi er igang med at bruge penge på

[JørgenVarnæs]

kan i vise bare et eksempel på knock-your-socks-off, som vi har set siden Jan blev CEO?

[E_L]

it is biotech, it will take time for proof to come through. And maybe it will fail. We dont know yet. That is the risk you take investing in a firm like this. it was the risk also with Dara

[E_L]

Dara certainly is JV, and it made many rich. Many employees, but also some in this chat i would think

[E_L]

And for the next one , it is too early to say

[JørgenVarnæs]

det var +10 år siden vi IND'ede på dara og ofa

[JørgenVarnæs]

ser man over den tidshorisont er det en fornuftig forrentning - men absolut ikke mere

[E_L]

yes, and hopefully an other one will follow soon. What would you like them to do? Close shop and distribute royalties as dividend?

[JørgenVarnæs]

would be nice! Så kan aktionærerne beslutte om de vil sponsorere de store aktieprogrammer som en selvstændig investering. Hvis der virkelig findes knock-your-socks-off udvikling i selskabet burde det være nemt

[JørgenVarnæs]

emissionen på de 10% viser jo med al tydeligehed, at der ikke er styr på udviklingen og finansieringen af den

[E_L]

We both know it isnt going to happen. They will only be able to do their research backed with the capital build from Dara... it is not a realistic scenario, even though hypothetically it could have merit