Galapagos finishes strategic evaluation signs LOI for Jyseleca to Alfasigma

Galapagos and Alfasigma announced that they have signed a letter of intent contemplating a transfer of the Jyseleca business to Alfasigma, including the European and UK Marketing Authorizations, the commercial, medical and development activities for Jyseleca and approximately 400 positions in 14 European countries. In the contemplated transaction, Galapagos will receive a EUR 50M upfront, potential milestone payments totaling EUR 120M and mid-single to mid-double-digit royalties on European sales. Galapagos will pay up to EUR 40 M by June 2025 to Alfasigma for Jyseleca related development activities. In addition, Galapagos plans to streamline its remaining operations and further build efficiencies, with an envisaged reduction of approximately 100 positions across the organization. Galapagos estimates annualized savings ranging between EUR 150 M and EUR 200 M. This repositioning of the company marks yet another significant milestone in Galapagos’ ongoing transformation into an innovative biotechnology company with a patient-centric research and development pipeline focused on immunology and oncology. While Galapagos’ commitment to transforming patient outcomes with life changing science and innovation remains unchanged, its ability to work efficiently across streamlined operations and portfolio are expected to accelerate these efforts.