PROSPECTUS DATED MARCH 31, 2015 Prospectus for the public offering in Germany and Luxembourg of 5,657,875 new ordinary bearer shares with no-par value (Stückaktien) from a capital increase against contribution in cash resolved by the Management Board on March 24, 2015, approved by the Supervisory Board on the same day, utilizing the Authorized Capital 2014 as resolved by the ordinary shareholders’ meeting on August 13, 2014 and for admission to trading on the regulated market segment (regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment thereof with additional post-admission obligations (Prime Standard) of up to 5,657,875 ordinary bearer shares with no-par value (Stückaktien) from the above mentioned capital increase — each such share with a notional interest in the share capital of €1.00 and full dividend rights from January 1, 2014 — of Mologen AG, Berlin, Germany Subscription price: €5.00 International Securities Identification Number (ISIN): DE0006637200 German Securities Code (Wertpapierkennnummer, WKN): 663720 Trading Symbol: MGN Bookrunner quirin bank CONTENTS Section Page Summary of the Prospectus ................................................................................................................. 1 A – Introduction and Warnings ........................................................................................................ 1 B – Issuer .......................................................................................................................................... 1 C – Securities .................................................................................................................................. 10 D – Risks ........................................................................................................................................ 10 E – Offer ......................................................................................................................................... 15 German Translation of the Summary of the Prospectus/ Zusammenfassung des Prospekts ...... 19 A – Einleitung und Warnhinweise ................................................................................................. 19 B – Emittent.................................................................................................................................... 19 C – Wertpapiere .............................................................................................................................. 29 D – Risiken ..................................................................................................................................... 30 E – Angebot .................................................................................................................................... 35 Risk Factors ......................................................................................................................................... 40 Risks Related to Our Business ....................................................................................................... 40 Risks Related to Shares and the Offering ....................................................................................... 55 General Information ........................................................................................................................... 58 Responsibility Statement ................................................................................................................ 58 Purpose of this Prospectus .............................................................................................................. 58 Statutory Auditor ............................................................................................................................ 58 Documents Available for Inspection .............................................................................................. 59 Forward-looking Statements .......................................................................................................... 59 Sources of Market Data .................................................................................................................. 60 Currency Presentation and Presentation of Figures ........................................................................ 62 The Offering ........................................................................................................................................ 63 General ........................................................................................................................................... 63 Expected Timetable ........................................................................................................................ 63 Subscription Offer .......................................................................................................................... 64 Subscription Rights Not Exercised and Transferability ................................................................. 67 Lock-up Agreement ........................................................................................................................ 67 Dilution ........................................................................................................................................... 68 Costs of the Offering and Net Issue Proceeds ................................................................................ 68 Additional Selling Restrictions ....................................................................................................... 68 Underwriting Agreement ................................................................................................................ 69 Interested Persons Participating in the Offering ............................................................................. 70 General Information about the Shares ............................................................................................. 71 Legal Basis for the Creation of the New Shares ............................................................................. 71 Admission to Exchange Trading; ISIN; WKN; Common Code; Stock Exchange Symbol ........... 71 Form; Voting Rights ....................................................................................................................... 71 Profit and Liquidation Participation Rights .................................................................................... 71 Transferability ................................................................................................................................ 72 Settlement and Delivery ................................................................................................................. 72 Use of Proceeds and Reasons for the Offering ................................................................................. 73 -i- Dividend Policy and Earnings Per Share .......................................................................................... 74 General Provisions Relating to Profit Allocation and Dividend Payments .................................... 74 Dividend Policy and Earnings per Share ........................................................................................ 75 Capitalization and Indebtedness; Statement on Working Capital ................................................. 76 Capitalization and Indebtedness ..................................................................................................... 76 Indirect and contingent liabilities ................................................................................................... 78 No Material Adverse Change ......................................................................................................... 78 Working Capital ............................................................................................................................. 78 Selected Financial Information .......................................................................................................... 79 Selected Financial Information from the Statement of Comprehensive Income ............................ 80 Selected Financial Information from the Statement of Financial Position ..................................... 81 Selected Financial Information from the Statement of Cash Flows ............................................... 82 Management’s Discussion and Analysis of Financial Condition and Results of Operations ....... 83 Overview ........................................................................................................................................ 83 Key Factors Affecting our Results of Operations and Financial Condition ................................... 83 Segment Data ................................................................................................................................. 84 Results of Operations ..................................................................................................................... 85 Statement of Financial Position ...................................................................................................... 88 Liquidity and Capital Resources .................................................................................................... 90 Research and Development ............................................................................................................ 92 Quantitative and Qualitative