Galapagos - Shedding its old skin
*Last night, GLPG announced the transfer of its Jyseleca® (filgotinib) business to Italian pharma company Alfasigma: this news does not come as a surprise to us as GLPG previously indicated a ‘strategic review' of the product. Given the crumbled commercial potential of the product, we consider this a good decision by the company. Also, GLPG will axe around 100 positions as a result of operational streamlining efforts, contributing to estimated annualized savings of EUR 150-200m. *With its sole commercial asset sold and backed by a substantial amount of dry powder, we hope to see the company become more active onGalapagos 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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