Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 74

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 3
Chunk 74
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 France and receipt of Belgian tax rulings with respect to the proposed separation. In addition, the proposed separation is subject to the approval of the shareholders at an Extraordinary Shareholders’ Meeting. Completion of the separation is contingent upon a number of conditions, including, among others, approval of the partial demerger by 75% of the votes of our shareholders cast at the first meeting called for the purpose at which at least 50% of the share capital is represented, or, where quorum was not reached at the first meeting, a subsequent meeting to which quorum requirements will not apply, and other conditions described in this risk factor. The failure to satisfy any of these conditions could delay the completion of the proposed separation for a significant period of time or prevent it from occurring at all. The conditions can be waived by mutual agreement of the parties, except the shareholder approval condition which is a legal requirement to effecting the separation. Gilead and we have agreed to co-operate in good faith and use our best efforts to ensure that each of the conditions to the separation is satisfied by December 31, 2025, at the latest (or such other date as we may agree on in writing). If any condition is not satisfied or has become impossible to satisfy by such date, Gilead and we will engage in good faith discussions in an effort to implement the separation to the greatest extent possible. Either party may terminate the Separation Agreement if the separation has not occurred by December 31, 2025, or by such other date as the parties agree in writing. Pursuant to the Separation Agreement, Gilead agreed to attend any Extraordinary Shareholders Meeting of us related to the separation, and if quorum is met with respect to such meeting, Gilead will vote with all of its Galapagos Shares in order to approve the Spin-Off and any other related matters, in each case if the separation is in accordance with the terms of the Separation Agreement. As of March 15, 2025, Gilead holds 25.35% of our shares. Some of the conditions for completing the separation are outside of our control. If any condition to the closing of the Spin-Off is not satisfied or waived, the separation will not be completed on the proposed timeline or at all. In addition, various factors, including changes in the competitive conditions of our markets, changes in financial markets and economic conditions, delays in obtaining Belgian tax rulings, material or unanticipated tax liability for our shareholders, us,