GALAPAGOS | BUY | EUR180 vs. EUR140 USD5.1bn right of first review on Galapagos existing and future pipeline
GALAPAGOS | BUY | EUR180 vs. EUR140USD5.1bn right of first review on Galapagos existing and future pipeline
USD5.1bn upfront for a 10 year R&D collaboration
Rich deal highlights a very late stage pipeline…
… and Galapagos’ R&D capabilities
Filgotinib’s deal term slightly changed
Fair value up c.30% to EUR180
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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