Galapagos, Gilead Cleared By U.S. FTC To Close Global Partnership On Filgotinib

(RTTNews) - Galapagos NV (GLPG) and Gilead Sciences Inc. (GILD) announced that the U.S. Federal Trade Commission provided early termination of the waiting period for the global partnership agreement on filgotinib under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The deal is expected to close by the end of the month.

Upon closing, Galapagos will receive an upfront license fee of $300 million and Gilead will make a $425 million equity investment in Galapagos by subscribing for shares at a price of €58 per share.

After the issuance of the shares, Gilead will own approximately 15 percent of the outstanding share capital of Galapagos, depending on the $/€ exchange rate at closing.