Galapagos completes transaction to transfer Jyseleca business to Alfasigma

Mechelen, Belgium; 31 January 2024, 22:01 CET; Galapagos NV (Euronext & NASDAQ: GLPG) today announced the successful completion of the transaction to transfer its Jyseleca (filgotinib) business to Alfasigma S.p.A.

As previously announced, the transfer includes the entire Jyseleca business, including the European and UK Marketing Authorizations, and the commercial, medical affairs and development activities for Jyseleca. In connection with the completion of the transaction, approximately 400 Galapagos positions in 14 European countries transferred to Alfasigma to support business continuity and ongoing patient access. Michele Manto, former Chief Commercial Officer of Galapagos, also joins Alfasigma to lead the Jyseleca business.

“I sincerely thank Michele and our dedicated teams joining Alfasigma for the key role they have played in bringing Jyseleca to more than 20,000 patients in Europe, and I am confident they will help ensure a successful next chapter for the business alongside the Alfasigma team,” said Dr. Paul Stoffels¹, CEO and Chairman of Galapagos. “Galapagos is moving forward with increased focus and resources to drive investments in our key technology platforms and strategic therapeutic areas. We will leverage this momentum to deliver value across our pipeline with the aim to bring transformational medicines to patients around the world.”

Francesco Balestrieri, CEO of Alfasigma, added: “We are excited to welcome the talented Galapagos team to Alfasigma. The acquisition of Galapagos' Jyseleca business, including a Phase 3 clinical program, strategically strengthens our position in the pharmaceutical sector and opens new avenues for growth and innovation. We are ready to expand and harness the synergies of Alfasigma and Jyseleca, and we look forward to working with our new colleagues to further expand our healthcare business in Europe.”

Galapagos will receive a €50 million upfront payment, potential sales-based milestone payments totaling €120 million and mid-single to mid-double-digit royalties on European sales. Galapagos will contribute up to €40 million to Alfasigma by June 2025 for Jyseleca related development activities.

Galapagos expects to realize substantial savings ranging between €150 million and €200 million in connection with the transaction and will prioritize investments in its existing technology platforms of small molecules, CAR-T cell therapies and biologics, as well as the scale-up of its innovative decentralized CAR-T manufacturing network. In addition, Galapagos plans to invest in licensing and acquisition opportunities ranging from late preclinical to mid-stage clinical assets in its strategic therapeutic areas to drive value across its pipeline.