Galapagos and Gilead cleared by US FTC to close their global partnership on filgotinib
January 13 2016 - 1:53AM
Galapagos NV (Euronext & NASDAQ: GLPG) and Gilead Sciences,
Inc. (NASDAQ: GILD) announced today that the U.S. Federal Trade
Commission ("FTC") provided early termination of the waiting period
for their 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 (NASDAQ:
GILD) 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.
Galapagos Contacts
Investors:
Media: Elizabeth
Goodwin
Evelyn Fox VP IR & Corporate
Communications
Director Communications Tel: +1 781 460
1784
Tel: +31 6 53 591 999 E-mail:
ir@glpg.com
E-mail:
communications@glpg.com
Gilead Contacts
Investors:
Media: Patrick O'Brien
Michele Rest
Tel: +1 650 522
1936
Tel: +1 650 577 6935 E-mail:
patrick.o'brien@gilead.com
E-mail:
michele.rest@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.
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HUG#1978492
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