Galapagos to spin-off its XYZ SpinCo in a €2.45bn deal.

Galapagos, a clinical-stage biotechnology company, set to spin-off its XYZ SpinCo, a company focused on pipeline of innovative medicines through transformational transactions, in a €2.45bn deal. “In the last two years, Galapagos has undergone significant changes to accelerate innovation and bring life-changing medicines to patients in need. Today’s news is a critical step in unlocking shareholder value by creating two entities, one focused on deploying significant capital to build a new company and Galapagos focusing on independently realizing the full potential of its cell therapy platform in oncology, addressing high unmet needs worldwide. Gaining full global development and commercialization rights from Gilead to our robust discovery and development pipeline supports our commitment to executing our strategy for accelerated growth and value creation,” Paul Stoffels, Galapagos MD, CEO and Chair of the Board of Directors.