Galapagos to acquire Inpharmatica

Mechelen, Belgium-headquartered Galapagos NV has entered into a definitive agreement to acquire Inpharmatica of the UK in an all-share transaction. The acquisition price of Inpharmatica is in three components: the ongoing business is valued at 6.5 million euros ($8.7 million), the estimated cash at an additional 6.0 million euros (of which half is due by December 31, 2006), and the potential maximum earn-out related to commercial milestones at 6.6 million euros.

Galapagos will issue, on the basis of 8.82 euros per share (the average price over the last 30 days prior to December 5), a maximum of 2,165,532 new shares assuming that all three components are fully delivered.