MECHELEN, Belgium & FOSTER CITY, Calif.--(BUSINESS WIRE)--Jan. 13, 2016--
Galapagos NV (Euronext & NASDAQ:GLPG) and Gilead Sciences, Inc.
(NASDAQ:GILD) today announced that the U.S. Federal Trade Commission
provided early termination of the waiting period for the global
partnership agreement on filgotinib under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976. The deal is expected to close by the
end of the month.
Upon closing, Galapagos will receive an upfront license fee of $300
million and Gilead will make a $425 million equity investment in
Galapagos by subscribing for shares at a price of €58 per share. After
the issuance of the shares, Gilead will own approximately 15 percent of
the outstanding share capital of Galapagos, depending on the $/€
exchange rate at closing.
About Galapagos
Galapagos
(Euronext & NASDAQ: GLPG) is a clinical-stage biotechnology company
specialized in the discovery and development of small molecule medicines
with novel modes of action. Our pipeline comprises three Phase 2, four
Phase 1, five pre-clinical, and 20 discovery studies in cystic fibrosis,
inflammation, fibrosis, osteoarthritis and other indications. We have
discovered and developed filgotinib: in partnership with Gilead we aim
to bring this JAK1-selective inhibitor for inflammatory indications to
patients all over the world.
Galapagos is focused on the development and commercialization of novel
medicines that will improve people’s lives. The Galapagos group,
including fee-for-service subsidiary Fidelta,
has approximately 400 employees, operating from its Mechelen, Belgium
headquarters and facilities in The Netherlands, France, and Croatia.
More information at www.glpg.com.
About Gilead
Gilead Sciences is a biopharmaceutical company that discovers, develops
and commercializes innovative therapeutics in areas of unmet medical
need. The company’s mission is to advance the care of patients suffering
from life-threatening diseases worldwide. Gilead has operations in more
than 30 countries worldwide, with headquarters in Foster City,
California. For more information, visit http://www.gilead.com.
Galapagos Forward-Looking Statements
This release may contain forward-looking statements, including
statements regarding the anticipated timing of closing of the global
partnership agreement with Gilead and the timing of the receipt of the
$300 million license fee and $425 million equity investment by Gilead.
Galapagos cautions the reader that forward-looking statements are not
guarantees of future performance. Forward-looking statements involve
known and unknown risks, uncertainties and other factors which might
cause the actual results, financial condition and liquidity, performance
or achievements of Galapagos, or industry results, to be materially
different from any historic or future results, financial conditions and
liquidity, performance or achievements expressed or implied by such
forward-looking statements. In addition, even if Galapagos’ results,
performance, financial condition and liquidity, and the development of
the industry in which it operates are consistent with such
forward-looking statements, they may not be predictive of results or
developments in future periods. Among the factors that may result in
differences are the inherent uncertainties associated with competitive
developments, clinical trial and product development activities and
regulatory approval requirements (including that data from Galapagos’
ongoing clinical research programs with filgotinib may not support
registration or further development of filgotinib due to safety,
efficacy or other reasons), Galapagos’ reliance on collaborations with
third parties (including its collaboration partner, Gilead, who may not
devote sufficient resources to the development and commercialization of
filgotinib), and estimating the commercial potential of our product
candidates. A further list and description of these risks, uncertainties
and other risks can be found in the company’s Securities and Exchange
Commission filing and reports, including in the company’s prospectus
filed with the Securities and Exchange Commission on May 14, 2015 and
subsequent filings and reports filed by the company with the Securities
and Exchange Commission. Given these uncertainties, the reader is
advised not to place any undue reliance on such forward-looking
statements. These forward-looking statements speak only as of the date
of publication of this document. Galapagos expressly disclaims any
obligation to update any such forward-looking statements in this
document to reflect any change in its expectations with regard thereto
or any change in events, conditions or circumstances on which any such
statement is based or that may affect the likelihood that actual results
will differ from those set forth in the forward-looking statements,
unless specifically required by law or regulation.
Gilead Forward-Looking Statement
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks, uncertainties and other factors, including risks that
the parties will be unable to develop and commercialize filgotinib for
the treatment of rheumatoid arthritis or any other indications; the
expected timing of the completion of the transaction; and the ability of
the parties to complete the transaction considering the transaction is
subject to closing conditions. These risks, uncertainties and other
factors could cause actual results to differ materially from those
referred to in the forward-looking statements. The reader is cautioned
not to rely on these forward-looking statements. These and other risks
are described in detail in Gilead’s Quarterly Report on Form 10-Q for
the quarter ended September 30, 2015, as filed with the U.S. Securities
and Exchange Commission. All forward-looking statements are based on
information currently available to Gilead, and Gilead assumes no
obligation to update any such forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160112006645/en/
Source: Gilead Sciences, Inc.
Galapagos ContactsInvestors:Elizabeth
Goodwin, +1 781-460-1784VP IR & Corporate Communicationsir@glpg.comMedia:Evelyn
Fox, +31 6 53 591 999Director Communicationscommunications@glpg.comGilead
ContactsInvestors:Patrick O’Brien, +1
650-522-1936patrick.o'brien@gilead.comMedia:Michele
Rest, +1 650-577-6935michele.rest@gilead.com
