The Americans now own more than a quarter of their Belgian-Dutch partner and have now signed a deal stating that they will not be able to sell their shares until August 2024. Previously, there was talk of a much shorter so-called lock-up period.
“We fully support our long-term partnership with Galapagos,” said Gilead Chief Financial Officer Andrew Dickinson. He also indicates that he still sees the added value in the way in which Galapagos works.
The move follows shortly after news that Galapagos will be scrutinizing its development plans. This after disappointing results in a number of recent tests with possible drugs. For example, a rheumatic drug was previously not approved in the United States. This also led to a review of the collaboration with Gilead.
In addition, Galapagos suffered a setback in a test of an anti-pulmonary fibrosis drug. The trial was discontinued on the advice of an independent committee because of an “unfavorable balance” between efficacy and safety. The issues did not help Galapagos’ stock market value. The company even lost its place in the leading AEX index in Amsterdam.
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Pharmaceutical company Gilead wants to keep significant stake in Galapagos for years to come | Financial
Source link Pharmaceutical company Gilead wants to keep significant stake in Galapagos for years to come | Financial