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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Health Care
Tuesday, May 06, 2008
Galapagos and Allergan enter drug discovery collaboration
Comtex
May 06, 2008 (Hugin via COMTEX News Network) ----Mechelen, Belgium; 6 May 2008 - Galapagos NV (Euronext: GLPG) announced today that Galapagos' service division, BioFocus DPI, will provide hit-finding services for multiple Allergan, Inc. targets. Total contract value for Galapagos could reach up to n1.3 million over the next 12 months, contingent on the number of BioFocus DPI compounds screened. BioFocus DPI's Basel (Allschwil, Switzerland) site has provided drug discovery services for Allergan since 2002. In this new collaboration, BioFocus DPI will provide assay development and high-throughput screening services for several Allergan targets. Furthermore, BioFocus DPI's computational chemists plan to work together with Allergan to select compounds from the Allergan and BioFocus DPI compound libraries for screening against these targets. "We are pleased to sign another collaboration with Allergan," said Onno van de Stolpe, CEO of Galapagos. "They are an important customer for BioFocus DPI's biology business and having a satisfied customer coming back for more screening is gratifying." About Galapagos Galapagos (Euronext Brussels: GLPG; Euronext Amsterdam: GLPGA; OTC: GLPYY) is a drug discovery company with pre-clinical programs in bone and joint diseases and bone metastasis. Its BioFocus DPI division offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. BioFocus DPI also provides adenoviral reagents for rapid identification and validation of novel drug targets, compound libraries for drug screening as well as chemogenomics and ADMET database products to select targets and compounds. Galapagos currently employs 450 people and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More information about Galapagos and BioFocus DPI can be found at www.glpg.com and www.biofocusdpi.com. CONTACT Galapagos NV Onno van de Stolpe, CEO Tel: +31 6 2909 8028 ir@glpg.com This release may contain forward-looking statements, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "could," "stands to," and "continues," as well as similar expressions. Such forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of Galapagos, or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. Galapagos expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.
SOURCE: Galapagos NV
Copyright (c) 2008, HUGIN AS. All rights reserved.
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