Galapagos Re-evaluates split in favour of strategic options for cell therapy business
Galapagos announced that the previously announced company split has been re-evaluated, and instead the company will explore strategic options for the cell therapy business. Henry Gosebruch has been appointed as CEO of Galapagos, replacing Paul Stoffels, effective immediately, and will lead the strategic evaluation process, while also focusing on building a new pipeline through business development. While we find the timing a bit of a surprise, we do note that this outcome could increase the cash available for business development by saving the € 500m that would have gone to Galapagos, as well as any potential income from a sale or out licencing of the cell therapy business. We hope to learn more about the specifics of this shift in our call with mgt. later today. For now, € 37 TP and Buy reiterated.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.
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