Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 76

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 3
Chunk 76
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 for admission of its shares to trading and listing on Nasdaq and Euronext Brussels and Euronext Amsterdam, with all Galapagos shareholders receiving SpinCo shares on a pro rata basis, proportional to their ownership of Galapagos shares as of a record date to be established. The ADSs of Galapagos will be available for trading on Nasdaq. We cannot predict the prices at which our ADSs and ordinary shares may trade after the proposed separation or the effect of the proposed separation or the exchanges on which are securities are listed for trading will have on the trading prices of our ADSs and ordinary shares. It is possible that our shareholder base will change significantly following the proposed separation, for a variety of reasons. For example, some of our shareholders may not believe that our remaining businesses or our level of market capitalization fits their investment objectives. The sale of significant amounts of our securities or the perception in the market that this will occur may lower the trading price of our securities. The increased volatility of the trading prices of our ADSs and ordinary shares following the proposed separation may have a material adverse effect on our business, financial condition and results of operations.
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We expect to reduce our workforce in connection with the proposed separation, and such reduction in force may not achieve our intended outcome and may result in significant adverse consequences.
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In connection with the proposed separation, we expect to conduct a reduction in force of approximately 300 positions across the organization in Europe, representing 40% of our employees, and expect to close our site in France. This reduction in force may result in unintended consequences and costs, such as the loss of institutional knowledge and expertise, attrition beyond the intended number of employees, decreased morale among our remaining employees, and the risk that we may not achieve the anticipated benefits of the reduction in force. In addition, while positions have been eliminated, certain functions necessary to our operations remain, and we may be unsuccessful in distributing the duties and obligations of departed employees among our remaining employees. The reduction in force could also make it difficult for us to pursue, or prevent us from pursuing, new opportunities and initiatives due to insufficient personnel, or require us to incur additional and unanticipated costs to hire new personnel to pursue such opportunities or initiatives, including any potential strategic alternatives. If we are unable to realize the anticipated benefits from the reduction in force, or if we experience significant adverse consequences from the reduction in force, our business, financial condition, and results of operations may be materially adversely affected.

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We will