Galapagos FIRST LOOK: Jyseleca sale to shift focus towards future growth
Galapagos and Alfasigma announced the signing of a letter of intent for the transfer of the Jyseleca business to Alfasigma including the EU and UK marketing authorisations and approx. 400 positions for €50m upfront and milestones of up to €120m as well as mid-single to mid-double digit royalties. We see the planned transfer of the Jyseleca business (expected in 1Q24) as a positive outcome on multiple fronts, freeing up resources and allowing Galapagos to solely focus on area of future growth. We plan to adjust our model in a future update, but for now we reiterate our Accumulate rating and €55 TP.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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