Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 73

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 3
Chunk 73
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 effect on our business, financial conditions and results of operations. Furthermore, negative posts or comments about us or our products in social media could seriously damage our reputation, brand image and goodwill.
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In addition, it is possible for individuals or groups to target companies with disruptive social media campaigns related to a request for access to unapproved drugs for patients with significant unmet medical need. If we experience a similar social media campaign regarding our decision to provide or not provide access to our product candidates under an expanded access policy, our reputation may be negatively affected and our business may be harmed. 

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Risks related to the proposed separation of our business
The proposed separation of our business into two independent, publicly traded companies is subject to various risks and uncertainties and may not be completed on the terms or timeline currently contemplated, if at all, and will involve significant time, effort and expense, which could harm our business, results of operations and financial condition.
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In January 2025, we announced our intent to separate our business into two independent, publicly traded companies: Galapagos NV and a new company to be named at a later date (“SpinCo”). We expect that SpinCo will apply to have its shares admitted to trading and listed on Euronext Brussels and Euronext Amsterdam, and to have its American depositary shares representing its shares listed on Nasdaq Global Select Market, with all Galapagos shareholders to receive shares of SpinCo on a pro rata basis based on their shares of Galapagos owned as of a record date to be established at a later date. Following the proposed separation, Galapagos NV is expected to continue to focus on cell therapy programs in oncology and advance its lead CAR-T candidate, GLPG5101. SpinCo is expected to focus on building a pipeline of innovative medicines with robust demonstrated proof-of-concept in oncology, immunology and/or virology through strategic business transactions. In connection with the proposed separation, Galapagos NV intends to discontinue its small molecule discovery programs in oncology and seek potential partners for such assets, including the TYK2 inhibitor, GLPG3667, and to conduct a reduction in force in Europe of approximately 300 employees. These are our present plans and intentions.
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We may not be able to complete the separation on the terms or on the timeline that we announced, or at all. The proposed separation is subject to Belgian law and the satisfaction of customary conditions, including consultations with works councils in the Netherlands, Belgium and