Date: 2013-04-24
Type of information: Private placement
Company: Galapagos (Belgium)
Investors: institutional investors in Europe and USA
Amount: € 54 million
Funding type: private placement
Planned used: The net proceeds from the transaction will be used primarily for general corporate purposes and will also give Galapagos additional balance sheet flexibility to enable the Company to further fund attractive internal pipeline opportunities before considering a partnership, and also to undertake attractive inlicensing or acquisition opportunities should they fit with Company strategy.
Others: Galapagos has raised €53.9 million through a private placement of new shares via an accelerated bookbuilding procedure announced on 24 April 2013. Galapagos has placed 2,696,831 new shares to qualified institutional investors in the United States and Europe at a price of €20.00 per share, a 1.7% discount to the previous day\'s closing price. The placed shares comprise just below 10% of the current number of outstanding shares, bringing the total number of shares after the issue to 29,665,159. The new shares will be admitted to trading on NYSE Euronext Brussels and NYSE Euronext Amsterdam following their issuance, which is expected to take place on 30 April 2013.
The company's portfolio now includes two JAK1 selective molecules in Phase 2 in three inflammation conditions, GLPG0634 and GSK2586184 (formerly GLPG0778, in-licensed by GSK in 2012). Galapagos has recently announced an extension of the phase 2b programwith GLP0634 in rheumatoid arthritis. AbbVie and Galapagos signed a worldwide license agreement whereby AbbVie will be responsible for further development and commercialization after Phase 2b. Galapagos is also developing GLPG0974, an inhibitor of FFA2. The product is in a proof of concept study for the treatment of IBD. The company has also announced that it has recently selected a newcandidate antibiotic, CAM-1, to enter drug development and a novel candidate drug to treat breast cancer, GLPG1790. GLPG1790 has shown high activity against breast tumors that are triple-negative, for which the absence of estrogen, progesterone or HER2 receptors affects the prognosis for recovery, and no targeted therapeutic options are currently available.
* On April 29, 2013, Galapagos has announced that it has completed its capital increase by issuing 2,696,831 new ordinary shares. These shares will be delivered to Belgian and international institutional and other eligible investors who participated in the €53.9 million private placement closed on Wednesday 24 April 2013. The newly issued shares were admitted to listing on NYSE Euronext Brussels and NYSE Euronext Amsterdam on 29 April 2013. Galapagos has a total of 29,665,159 outstanding ordinary shares.
Therapeutic area: Autoimmune diseases – Inflammatory diseases - Rheumatic diseases
