Gilead to invest a massive $5 billion-plus in Belgian biotech firm
In a deal revealed late Sunday, Galapagos (Euronext: GLPG) is set to receive upfront payments and an equity investment of more than $5 billion from US biotech major Gilead Sciences (Nasdaq: GILD), with the news sending shares of the Belgian biotech firm 17.2% to 150.15 euros shortly after markets opened this morning.
Through this 10-year R&D agreement, Gilead will gain access to an innovative portfolio of compounds, including six molecules currently in clinical trials, more than 20 preclinical programs and a proven drug discovery platform.
Commenting on the deal, Jefferies analysts said "Gilead will significantly expand its pipeline in a smart and financially savvy expanded partnership deal with Galapagos, essentially gaining options on everything in their pipeline without having to acquire the company full out."
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