|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||117.10 - 119.80|
|52-week range||99.86 - 252.90|
|Beta (5Y monthly)||0.89|
|PE ratio (TTM)||96.24|
|Earnings date||05 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||115.91|
* * * Mechelen, Belgium; 18 September 2020, 22.01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) announces a share capital increase arising from subscription right exercises.Galapagos issued 86,280 new ordinary shares on 18 September 2020, for a total capital increase (including issuance premium) of €2,403,087.Pursuant to the subscription right exercise program of Galapagos’ management board, members of the management board automatically are committed to exercise a minimum number of subscription rights, subject to certain conditions. In accordance with the rules of this program, CEO Onno van de Stolpe exercised 15,000 subscription rights. Three other management board members exercised an aggregate number of 15,000 subscription rights. In accordance with Belgian transparency legislation1, Galapagos notes that its total share capital currently amounts to €353,435,739.72, the total number of securities conferring voting rights amounts to 65,340,842, 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 (formerly known as warrants) to subscribe to not yet issued securities conferring voting rights is (i) 7,018,637 subscription rights under several outstanding employee subscription right plans, which equals 7,018,637 voting rights that may result from the exercise of those subscription rights, and (ii) two subscription rights 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 25.1% and 29.9%, respectively, of the actually issued and outstanding shares after the exercise of the relevant subscription right. Galapagos does not have any convertible bonds or shares without voting rights outstanding.About Galapagos Galapagos (Euronext & NASDAQ: GLPG) discovers and develops small molecule medicines with novel modes of action, three of which show promising patient results and are currently in late-stage development in multiple diseases. Our pipeline comprises Phase 3 through to discovery programs in inflammation, fibrosis, osteoarthritis and other indications. Our ambition is to become a leading global biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines. More information at www.glpg.com.ContactsInvestors: Elizabeth Goodwin VP Investor Relations +1 781 460 1784Sofie Van Gijsel Senior Director Investor Relations +32 485 19 14 15 email@example.com Media: Carmen Vroonen Global Head of Communications & Public Affairs +32 473 824 874Anna Gibbins Senior Director Therapy Areas Communications +44 7717 801900 firstname.lastname@example.orgForward-looking statementsThis release may contain forward-looking statements. Such forward-looking statements are not guarantees of future results. These forward-looking statements speak only as of the date of publication of this document. Galapagos expressly disclaims any obligation to update any forward-looking statements in this document, unless specifically required by law or regulation. 1 Belgian Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market Attachment * Share Capital Increase - 18 September 2020 - EN
Galapagos (GLPG) saw a big move last session, as its shares jumped nearly 9% on the day, amid huge volumes.
(Bloomberg Opinion) -- Gilead Pharmaceuticals Inc. has faced the same problem for years: The drugmaker has a strong core business in its world-leading HIV franchise, but it hasn’t been able to consistently grow beyond that base the way it should. Against that backdrop, you'd think a more aggressive M&A strategy would be cause for celebration. The devil, as always, is in the details.Gilead's $21 billion purchase of New Jersey-based biotechnology firm Immunomedics Inc. and its promising breast cancer drug Trodelvy, announced Sunday afternoon, certainly qualifies as a bold move. At $88 a share, the acquisition represents a more than 100% premium on the smaller company's stock price before the news broke. And CEO Dan O'Day has the right idea — the acquisition will aid Gilead's sales growth and help with its diversification into cancer drugs. Gilead does need to stock its drug cabinet. A previous expensive foray into cancer medicines, the $12 billion purchase of Kite Pharma Inc. in 2017, was written down twice after disappointing sales. The former jewel of its late-stage pipeline, the arthritis drug filgotinib, was rejected by the Food and Drug Administration in August, significantly delaying a crucial approval. And Gilead's high-profile Covid-19 treatment remdesivir should provide $2 billion to $4 billion in extra revenue this year, but sales will quickly drop off if other therapeutics or vaccines arrive. Is Immunomedics’ Trodelvy the answer, though? It will be a fine addition as far as it goes. Analysts expect the medicine, approved by the FDA in April to treat a difficult subset of breast cancers, to pass $750 million in sales in 2023. However, the purchase’s high price tag means the drug will have to surpass that level for years to justify the cost. While triple-digit deal premiums do happen in biotech M&A, they're uncommon for larger deals like this one, and Gilead’s comes after a 99% run-up in its target's shares.There's no sure path to sustained blockbuster sales for Trodelvy. Making things worse, AstraZeneca Plc is partnering with Daiichi Sankyo Co. on a potential direct competitor. Sales could potentially increase if the drug succeeds in other cancer types, but far more medicines aspire to that sort of expanded use than achieve it. It may take a series of best-case outcomes and a long time for Gilead to recoup its money, let alone see a return. While Gilead can afford the deal with $21 billion in cash on hand and robust cash flow, its targets will be far smaller going forward. The deal also suggests strategic confusion. O'Day's first big transaction after taking over in 2019 was a $5.1 billion partnership with Galapagos NV. He chose to buy an equity stake in the company and take part ownership of R&D projects instead of purchasing the whole business outright because he believed Galapagos would be more innovative on its own. It's a reasonable strategy and limits Gilead's downside, though the firm paid a lot for what it got. But then in March, O'Day edged away from caution by announcing a high-premium acquisition of cancer-drug developer FortySeven Inc. for $4.9 billion; and now, he is seemingly throwing all caution to the wind with his deal for Immunomedics. So, should investors celebrate this deal? Immuomedics shareholders certainly should. But with Gilead once again indulging in its propensity to overpay, you can forgive its investors if they’re not jumping for joy. The payoff will be that much harder to achieve, and the chance of regret that much more likely.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.