Galapagos 2025

1. MyNameIsNobody 7 november 2025 13:33

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   • MyNameIsNobody

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   Gilead bezit al iets van 28 procent van de aandelen, dus hebben ze ook al recht op 28 procent van de beschikbare kasmiddelen. Ze zullen dus max. de kaswaarde willen betalen onder aftrek van het aandeel hierin dat ze al hebben.
2. Wall Street Trader 7 november 2025 13:40

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   • Wall Street Trader

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   It's seems quite simple. Gilead is in charge. In May, it became apparent that the spin-off could not be executed as planned and the Board took decisive action towards a different path to realize value.
   
   The Board gave a clear mandate to analyze strategic alternatives for the existing businesses including cell therapy. However, after a 5-month process, there were no viable proposals presented that would reasonably support the business going forward. Galapagos even offered to divest the business for minimal upfront consideration and, where appropriate, they even offered to provide capital support to potential buyers. But no party was able to provide committed financing to enable a viable acquisition of the business. One key reason is that several hundreds of millions of euro's would be required for any such deal given the significant ongoing investment requirements not only in the business but also to stand behind the obligations to employees. The Board then unanimously agreed to form an intention to wind down the cell therapy business.
   
   If the wind down is ultimately implemented, they anticipate that up to approximately 365 employees would be impacted across offices in Europe, the U.S. and China. Also they plan to close Galapagos sites in Leiden, Basel, Princeton, Pittsburgh and Shanghai. Although it is difficult to predict the exact duration of this process, they currently expect it to be concluded in the first quarter of 2026.
   
   They have the benefit of a significant cash balance as well as a portfolio of other attractive assets that can drive additional shareholder value.
   
   The cash balance of approximately EUR 3 billion represents approximately EUR 46 per share. This cash balance generates significant interest income. Through the first 9 months of this year alone, they received approximately EUR 77 million. In addition, they are receiving an attractive stream of royalties and earn-outs from Gilead and Alfasigma on their sales of Jyseleca. The income related to Jyseleca has been approximately EUR 15 million to EUR 20 million annually and is expected to continue into the mid-2030s with potential upside. They also own the building in Leiden (in which they invested over EUR 70 million for construction and build-out). They could see the potential for several hundreds of millions of additional value on top of the cash balance from this portfolio.
   In addition they expect to receive tax receivables of approximately EUR 20 million to EUR 35 million per year over the next 3 years with additional opportunities for credits beyond that. They also have stakes in multiple private biotech companies such as Third Arc, Frontier and Onco3R, plus other private companies that haven't been disclosed.
   
   If they find a unique opportunity within a year, they will use the money for valuable and strategically aligned deals. They are looking at mid- to late-stage opportunities that can be M&A or partnerships, they are looking at many different structures. Also of course strategically aligned with Gilead's direction.
   
   Gilead is clearly calling all the shots!
   
   I agree with the calculation and good summary of Lamsrust/MyNameIsNobody and think if GLPG will be delisted, it will be around ~ € 36 / 38 a share.
3. Music87 7 november 2025 14:09

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   • Music87

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   Bericht van Galapagos zojuist op LinkedIn:
   
   We are pleased to announce the formation of Galapagos’ Cross-Disciplinary Strategic Advisory Board, bringing together accomplished leaders from across biotech and pharma to help guide our business development strategy.
   
   Our new advisors — Dr. Scott Brun, Dr. Rob Lenz, Elaine Sorg, and Dr. Nancy Valente — bring deep experience in advancing therapies to patients and shaping scientific and commercial innovation across the industry.
   
   As we continue to evaluate and prioritize the many business development opportunities ahead, we look forward to collaborating closely with this group to help accelerate our mission of bringing transformational medicines to patients.
4. K. Wiebes 7 november 2025 16:01

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   • K. Wiebes

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   quote:

   Wall Street Trader schreef op 7 november 2025 13:40:

   ..."I agree with the calculation and good summary of Lamsrust/MyNameIsNobody and think if GLPG will be delisted, it will be around ~ € 36 / 38 a share.

   Wanneer er géén koper komt voor de pijp, en het opdoeken daarvan "dus" 'n paar honderd
   miljoen gaat kosten, dan heb ik toch wel 'n hard hoofd in een overname: naast 'n premie
   op de stukken zal er m.i. nog 'n shitload aan warrants moeten worden afgekocht.
   
   "Dus", wanneer er niet van binnen uit voor wordt gekozen om de toko te sluiten en de
   cash uit te keren - en daar ziet het wél naar uit - dan wordt het 'n lánge zit, met de énige
   zekerheid dat de cashberg zal slinken.
   
   ..."Galapagos’ total share capital currently amounts to €356,444,938.61; the total number of securities conferring voting rights is 65,897,071, which is also the total number of voting rights (the “denominator”), and all securities conferring voting rights and all voting rights are of the same category. The total number of rights to subscribe to not yet issued securities conferring voting rights is (i) 12,018,471 subscription rights under several outstanding employee subscription right plans, which equals 12,018,471 voting rights that may result from the exercise of those subscription rights, and (ii) one subscription right issued to Gilead Therapeutics to subscribe for a maximum number of shares that is sufficient to bring the shareholding of Gilead and its affiliates to 29.9% of the actually issued and outstanding shares after the exercise of the subscription right. This excludes the 1,800,000 subscription rights of Subscription Right Plan 2025 (B), which were created subject to acceptance. Galapagos does not have any convertible bonds or shares without voting rights outstanding"....
   
   live.euronext.com/nl/listview/company...
   
   En aan dat ge-emmer met die Gilead-warrants ga ik me niet meer moe maken ;)
5. Lamsrust 7 november 2025 17:31

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   • Lamsrust

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   quote:

   K. Wiebes schreef op 7 november 2025 16:01:

   [...]
   Wanneer er géén koper komt voor de pijp, en het opdoeken daarvan "dus" 'n paar honderd
   miljoen gaat kosten, dan heb ik toch wel 'n hard hoofd in een overname: naast 'n premie
   op de stukken zal er m.i. nog 'n shitload aan warrants moeten worden afgekocht.
   
   "Dus", wanneer er niet van binnen uit voor wordt gekozen om de toko te sluiten en de
   cash uit te keren - en daar ziet het wél naar uit - dan wordt het 'n lánge zit, met de énige
   zekerheid dat de cashberg zal slinken.
   
   ..."Galapagos’ total share capital currently amounts to €356,444,938.61; the total number of securities conferring voting rights is 65,897,071, which is also the total number of voting rights (the “denominator”), and all securities conferring voting rights and all voting rights are of the same category. The total number of rights to subscribe to not yet issued securities conferring voting rights is (i) 12,018,471 subscription rights under several outstanding employee subscription right plans, which equals 12,018,471 voting rights that may result from the exercise of those subscription rights, and (ii) one subscription right issued to Gilead Therapeutics to subscribe for a maximum number of shares that is sufficient to bring the shareholding of Gilead and its affiliates to 29.9% of the actually issued and outstanding shares after the exercise of the subscription right. This excludes the 1,800,000 subscription rights of Subscription Right Plan 2025 (B), which were created subject to acceptance. Galapagos does not have any convertible bonds or shares without voting rights outstanding"....
   
   live.euronext.com/nl/listview/company...
   
   En aan dat ge-emmer met die Gilead-warrants ga ik me niet meer moe maken ;)
   

   Dank voor het aanstippen van deze kwestie. Echter, van deze warrants hadden er eind 2024 2.542.448 een uitoefenprijs van E38 of lager. De gemiddelde uitoefenprijs bedroeg E 30.77, zodat bij een bod van E 38 er in totaal (maximaal) E 18.4 miljoen moet worden afgerekend om deze warrants af te kopen. Wellicht zelfs minder indien deze warrants af deels worden afgekocht als onderdeel van het massa ontslag en de kosten reeds begrepen zijn in de EUR 200 mln kosten voor opheffing van de cell therapie tak. De uitstaande warrants vormen derhalve geen hindernis voor een bod op alle aandelen.
6. K. Wiebes 7 november 2025 19:01

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   • K. Wiebes

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   Bij nader inzien denk ik inderdaad ook, dat een deel van die eventueel te maken kosten
   voortkomt uit af te kopen warrants. Chocola kan ik er echter nog steeds niet van maken.
7. Lamsrust 7 november 2025 19:44

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   • Lamsrust

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   quote:

   K. Wiebes schreef op 7 november 2025 19:01:

   Bij nader inzien denk ik inderdaad ook, dat een deel van die eventueel te maken kosten
   voortkomt uit af te kopen warrants. Chocola kan ik er echter nog steeds niet van maken.
   

   Gosebruch heeft 925.000 warrants ontvangen met een uitoefenprijs van EUR 25.64, dus hij heeft er alle belang bij om de kosten te minimaliseren en de opbrengsten te maximaliseren binnen een zo kort mogelijke tijd. Ik ga me derhalve niet verdiepen in de kosten, want dat is zijn taak.
   Dus als GLPG voor E 38 van de beurs afgaat in 2026 krijgt Gosebruch ruim EUR 10 mln, geen slechte deal voor nog geen 2 jaar werk.