Galapagos Announces Plan to Split Into Two Public Companies by Mid-2025

The biotech firm will focus on cell therapies in oncology, while a new entity, SpinCo, will target innovative medicines in oncology, immunology, and virology.

• Galapagos NV plans to separate into two entities: one focusing on cell therapy in oncology and the other, SpinCo, dedicated to developing innovative medicines through strategic transactions.
• SpinCo will be capitalized with approximately €2.45 billion in cash and aims to build a pipeline in oncology, immunology, and virology, with shares to be listed on Euronext.
• The restructuring includes Galapagos gaining full global development and commercialization rights to its pipeline, while Gilead Sciences will hold a 25% stake in both companies post-separation.
• Galapagos will discontinue its small molecule discovery programs, seek partners for related assets, and focus on advancing its decentralized cell therapy platform, including its CAR-T candidate GLPG5101.
• The reorganization will result in approximately 300 job cuts in Europe, including the closure of the French site, and aims to reduce Galapagos’ annual cash burn to €175-225 million.

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