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Galapagos raises US$338m

Galapagos NV's headquarters in Mechelen, where the company was founded in 1999, © Galapagos

Autoimmune specialist Galapagos NV (Mechelen, Belgium) has priced its 3,750,000 American Depository Shares (ADSs) in an follow-on offering led by Morgan Stanley at $90 per ADS. 

In addition, Galapagos granted Morgan Stanley option to purchase up to an additional 562,500 ADSs, representing 15% of the ADSs placed in the offering. This option can be exercised during the 30 day period commencing 17 April 2017. The closing of the offering is expected to occur on 21 April 2017, subject to customary closing conditions. At yesterday’s close the company had a market capitalisation of US$4.22bn through 46.26 million outstanding shares priced 88.94 per share. ADSs are currently listed on the Nasdaq Global Select Market under the symbol “GLPG” and Galapagos’ ordinary shares are currently listed on Euronext Amsterdam and Euronext Brussels.

Galapagos has partnered its Phase II lead compound filgotinib with Gilead Sciences to treat ankylosing spondylitis and psoriac arthritis. Phase III programmes with with the selective JAK1 inhibitor in rheumatoid arthritis, Crohn's disease and ulcerative colitis (UC) have been initiated mid-2016, as well as two Phase II studies in small bowel and fistulising CD.

Furthermore, Galapagos is currently conducting safety tests with MOR-106, an anti-IL17C antibody designed for treatment of patients with Atopic dermatitis. The company’s expects to announce headline results of its oral Phase II selective autotaxin inhibitor, GLPG1690, in idiopathic pulmonary disease (IPF) patients in H2/2017. After successful Phase I testing, Galapagos and ist partner Servier are considering next steps for further development of GLPG1972 in osteoarthritis patients. In cystic fibrosis, the company currently runs three programmes in Phase II and I.