Galapagos A new CAR model
Galapagos entered the CAR-T space with an alternative point of care manufacturing model with the Cocoon, aiming to solve the scaling and supply challenges of autologous CAR-Ts. We believe going after de-risked CD19 is a good strategy for fast proof of concept, and early phase 1/2 data in NHL and CLL has shown promising results. We like the Cocoon's point of care model, and look forward to additional phase 1/2 data in NHL/CLL in mid-2023, but also see value in the immunology franchise, albeit with more modest expectations. We re-work our model arriving at a new € 55 TP (from € 60), and with conviction in both the CAR-T efforts as well as management, we upgrade Galapagos to ACCUMULATE (from HOLD).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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