Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 75

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 3
Chunk 75
---
 and/or Galapagos NV and SpinCo, or other delays or difficulties effecting the proposed separation, could delay or prevent the completion of the proposed separation or cause it to occur on terms or conditions that are different or less favorable than expected. Any of the foregoing may result in our not achieving the operational, financial, strategic and other benefits we anticipate realizing as a result of the separation, and in each case, our business, results of operations and financial condition could be adversely affected.
​

​
48

We have incurred, and will continue to incur, significant expenses in connection with the proposed separation, and such costs and expenses may be greater than we anticipate. In addition, completion of the separation will require a significant amount of management’s time and efforts, which may disrupt our business or otherwise divert management’s attention from other aspects of our business, and which may not yield a benefit if the proposed separation is not completed. If pursued, we will also incur ongoing costs and dis-synergies in connection with, or as a result of, the proposed separation and related restructuring transactions, including costs of operating as independent, publicly traded companies that the two businesses will no longer be able to share. Any of the foregoing could adversely affect our business, results of operations and financial condition.
​
We may fail to realize some or all of the anticipated benefits of the proposed separation, and the proposed separation could expose us to new risks.
​
Even if the proposed separation is completed, the anticipated operational, financial, strategic and other benefits of the separation may not be achieved. We cannot predict with certainty if or when anticipated benefits will occur or the extent to which they will be achieved. If the proposed separation is completed, our operational and financial profile, including our capital structure, will change, and we will face new risks. We cannot assure you that the two independent companies will be successful following the proposed separation. In particular, the two companies will be smaller and less diversified, with a narrower business focus, and may be more vulnerable to changing market conditions.
​
Further, the combined value of the ADSs or ordinary shares of the two companies may not be equal to or greater than what the value of our ADSs or our ordinary shares would have been had the separation not occurred. The combined value of the ADSs or ordinary shares of the two companies could be lower than anticipated for a variety of reasons, including the risks described herein and the failure of SpinCo to operate and compete effectively as an independent company. We expect that SpinCo intends to apply