Galapagos to split itself into two companies as part of turnaround plan

LONDON — The beleaguered Belgian firm Galapagos NV said Wednesday it would split itself into two companies, with the brandname biotech aiming to prioritize its oncology efforts.

Going forward, Galapagos will focus on cancer cell therapies, including its next-generation CAR-T work that the company argues could offer manufacturing advantages over existing medicines. The other company, the as-yet-to-be-named branch now known as SpinCo, plans to build up a pipeline through transactions. SpinCo was established with about $2.5 billion in cash from Galapagos.

Galapagos also announced that it was amending its 10-year research deal with Gilead Sciences. Galapagos is gaining the full development and commercialization rights to its pipeline, with some royalties due to Gilead based on future potential sales of some products.

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