Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 362

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 16I
Chunk 362
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 the Jyseleca® business to Alfasigma on January 31, 2024. The sale to Alfasigma included the transfer of the amended filgotinib agreement, and by consequence marked the end of our performance obligation towards Gilead.
We refer to note 5 for more information on the results from discontinued operations.
Contingent consideration
The contingent consideration included in the consideration payable for the acquisition of CellPoint was recorded at fair value at the date of acquisition and is updated at each reporting date. The carrying amount at December 31, 2024 amounts to €20.6million (€21.0million at December 31, 2023). These fair values were mainly based on our best estimate of probabilities of reaching the underlying milestones and by applying an appropriate discount rate. The fair values are reviewed at each reporting date and any changes are reflected in our consolidated income statement.
We refer to note 26 for more information about the contingent consideration payable for the acquisition of CellPoint. 5. Discontinued operations and assets held for sale
On October 30, 2023 we announced that we had signed a letter of intent contemplating a transfer of the Jyseleca® business to Alfasigma, including the European and UK Marketing Authorizations, the commercial, medical and development activities for Jyseleca and approximately400positions in14European countries. On December 30, 2023, we signed a final share and asset purchase agreement with Alfasigma.
On December 31, 2023, the transaction was still subject to certain closing conditions such as the finalization of the consultation process with the workers councils and FDI clearance in Italy, France and Denmark. The transaction was closed on January 31, 2024, upon obtaining all necessary approvals. We received a €50.0million upfront payment in 2024, and are entitled to potential sales-based milestone payments totaling €120.0million and mid-single to mid-double-digit earn-outs on European sales. We contributed €15.0million in 2024 and will contribute an additional €25.0million to Alfasigma by June 2025 for Jyseleca® related development activities.
On January 31, 2024, we also signed a transition agreement with Alfasigma enacting the responsibilities and services provided by the parties during a transition period for the transfer of the business.
The transfer of our Jyseleca® business has been determined to meet the criteria to be