Galapagos (GLPG) Collaboration summary

Opening remarks and agenda

• Conference call opened with reminders about forward-looking statements and the scope of the discussion, including the new collaboration agreement and its expected benefits.

• Executive team members and their roles were introduced, with additional leaders joining for the Q&A session.

• Q&A session held at the end of the conference call.

Deal rationale and strategic fit

• Collaboration formalizes joint development of a first-in-class T cell engager for autoimmune diseases, leveraging both parties' strengths in late-stage development and commercialization.

• Brings a differentiated, high-potential clinical asset with broad application in high unmet-need indications.

• Enhances capabilities and pipeline, supporting transition to a clinical-stage biotech and long-term value-accretive growth.

• Opens future strategic transaction opportunities and preserves significant cash for future growth and shareholder returns.

Objectives of the partnership

• Entered a binding agreement to co-develop Gamgertamig, a BCMA x CD3 T-cell engager for autoimmune diseases.

• Aimed to leverage a clinically de-risked asset with multi-billion-dollar revenue potential and expand into additional autoimmune indications.