Galapagos NV, a clinical-stage biotechnology company, and Gilead Sciences, Inc., a biopharmaceutical company, announced that the US Federal Trade Commission (US FTC) 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 per cent of the outstanding share capital of Galapagos, depending on the $/€ exchange rate at closing.