Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 181

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 181
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 (i) 120% multiplied by the arithmetic mean of the 30-day daily volume weighted average trading price of Galapagos’ shares as traded on Euronext Brussels and Euronext Amsterdam, and (ii) EUR 140.59. Initial Warrant B was not exercised before expiry date. 
Subsequent Warrant B was approved by the Extraordinary General Meeting of Shareholders of April 30, 2024. This warrant has substantially similar terms, including the exercise price, to the initial Warrant B. This subsequent Warrant B will expire five years after the date that the warrant is issued. 
Gilead’s ownership amounted to 25.35% at December 31, 2024.

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In January 2025, Gilead and Galapagos agreed to amend the share subscription agreement in the framework of the intended separation, whereby the share subscription agreement, as amended, will be assigned to the newly formed SpinCo as of the effective date of the separation.
At the time of separation, Gilead will hold approximately 25% of the outstanding shares in both Galapagos and SpinCo. A lock-up will apply to the shares of Gilead in Galapagos until the termination of the separation agreement, the date that is 6 months after the completion of a qualifying equity financing by Galapagos, or March 31, 2027, whichever is earlier. A lock-up will also apply to the shares of Gilead in SpinCo until 6 months following the separation. Each lock-up is subject to certain customary exceptions and early termination provisions.
At the time of the separation, the outstanding warrant held by Gilead that was issued on April 30, 2024 will be split into a warrant for Galapagos shares and a warrant for SpinCo shares, and the exercise price of each warrant will be adjusted.
The share subscription agreement and the intended separation are further described in “Item 7 B. – Related party transactions. The Collaboration with Gilead is further described in “Item 4 B. Business overview – Collaborations”.
Distribution agreement for Jyseleca with Sobi
In October 2021, we signed an agreement (as amended from time to time) with Swedish Orphan Biovitrum AB (‘Sobi’) regarding the distribution of Jyseleca. Sobi acts as our distribution and commercialization partner of Jyseleca and will distribute the medicine in Central and Eastern Europe, Greece