Galapagos Gets the BD ball rolling with option on Adaptimmune's uza-cel in HNSCC
Galapagos and Adaptimmune have entered into a clinical collaboration agreement with an option to exclusively license Adaptimmune's uza-cel (TCR-T cell therapy targeting MAGE-A4) for head & neck cancer and potential future solid tumour indications, using Galapagos' decentralised cell manufacturing platform for an $ 70m upfront, $ 30m in R&D funding, as well as an option exercise fee of $ 100m, plus $ 465m in milestones, and tiered mid-single to low-double digit royalties. We welcome this deal which in our view gets the BD ball rolling, and leverages Galapagos' decentralised platform in the larger solid tumour indications. We reiterate our BUY rating, and € 50 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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