Lakefront (GLPG) 43rd Annual J.P. Morgan Healthcare Conference summary

Strategic transformation and transaction

• Announced separation into two entities: one focused on cell therapies, the other (SpinCo) on acquiring innovative medicines in oncology, immunology, and virology, each with distinct strategies and leadership.

• SpinCo will be capitalized with €2.45 billion and each shareholder will receive one SpinCo share per Galapagos share.

• Galapagos gains full global rights to its cell therapy pipeline and will have a cash runway through 2028, with a projected 2025 cash burn of €175–225 million.

• SpinCo will have an independent management team and board, targeting mid-2025 for separation and listings on Euronext and Nasdaq.

• Approximately 300 positions (40% of staff) will be reduced to align with the new cell therapy focus.

Cell therapy platform and pipeline

• Developed a decentralized, automated manufacturing platform (Cocoon) enabling seven-day vein-to-vein delivery of fresh, fit cells, reducing costs and improving access.

• Five operational manufacturing sites in Europe, expanding to the U.S., with plans for global reach.

• Clinical data from the Atalanta study show high response rates and low toxicity in lymphoma patients; ATALANTA-1 study: 100% CR in R/R MCL, 95% in R/R FL/MZL, and 54% in R/R DLBCL (71% for DL2); 80% of CR patients were MRD negative and remained in CR at cutoff.

• GLPG5101 and GLPG5201 demonstrated robust expansion, durable persistence, and manageable safety profiles in clinical studies.

• The FDA granted IND clearance for the ATALANTA-1 study in the U.S.

SpinCo strategy and opportunities

• SpinCo aims to acquire late-stage assets or companies, focusing on areas with high unmet medical need in oncology, immunology, and virology.

• Tight capital markets create acquisition opportunities for SpinCo to build a robust pipeline.

• SpinCo will initially focus on asset acquisition and may build internal R&D teams as portfolio grows.

• Collaboration with Gilead provides strategic and financial support; the collaboration agreement will no longer apply to Galapagos, increasing flexibility for future partnerships.

• SpinCo's structure includes a nine-member board with independent and Gilead representatives.