Report
Jacob Mekhael

Galapagos 1-1 mgmt. call feedback on re-evaluation of company split

We had a 1-1 call with Galapagos' mgmt. including Henry Gosebruch, newly appointed CEO, and Jérôme Contamine, newly appointed chairman of the board following this morning's announcement regarding the re-evaluation of the proposed company split in favour of strategic alternatives for the cell therapy business. Our takeaway is this new approach leads to a similar outcome intended with the split, but through a smoother path. We summarise our key takeaways in this note.
Underlying
Galapagos NV

Galapagos is a clinical-stage biotechnology company specialized in the discovery and development of small molecule medicines with novel modes of action, addressing disease areas of high unmet medical need. Execution on its proprietary drug target discovery platform has delivered a pipeline that consists of three Phase 2, three Phase 1, five pre-clinical, and 20 discovery programs in inflammation, cystic fibrosis, or CF, osteoarthritis, and other indications. Co.'s highly flexible platform offers applicability across a broad set of therapeutic areas. Co.'s programs include filgotinib, GLPG1837, GLPG1690, GLPG2222, GLPG1972.

Provider
KBC Securities
KBC Securities

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Analysts
Jacob Mekhael

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