Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 194

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 5
Chunk 194
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 for the filgotinib development amount to €26.0 million in 2024 compared to €429.4 million for last year.  The sale of the Jyseleca® business to Alfasigma on January 31, 2024 led to the full recognition in revenue in 2024 of the remaining deferred income related to filgotinib. We refer to note 2 “Summary of significant transactions” of this annual report for a general description of our collaboration with Gilead.
Additionally, we recorded in 2023 €2.0 million milestone payments triggered by the initial sales of Jyseleca® in specific countries by our distribution and commercialization partner Sobi.
All filgotinib development expenses and all remaining G&A and S&M expenses relating to Jyseleca® are recharged to Alfasigma, which explains the decrease in those expenses as compared to previous year.
Other operating income attributable to the Jyseleca® business included €52.5 million related to the gain on the sale of the Jyseleca® business to Alfasigma in 2024. This result of the transaction was considering the following elements: 

●   €50.0 million of upfront payment received at closing of the transaction of which €40.0 million was paid into an escrow account. This amount was kept in escrow for a period of one year after the closing date of January 31, 2024, and was partially released in February 2025 (the remaining part being under discussion). We gave customary representations and warranties which are capped and limited in time.
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●   €9.8 million of cash received from Alfasigma related to the closing of the transaction as well as €0.75 million of accrued negative adjustment for the settlement of net cash and working capital.
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●   €47.0 million of fair value on January 31, 2024 of the future earn-outs payable by Alfasigma to us. As from February 1, 2024, we are entitled to receive earn-outs on net sales of Jyseleca® in Europe from Alfasigma.
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●   €40.0 million of liability towards Alfasigma on January 31, 2024 for R&amp;D cost contributions of which €15.0 million was paid in 2024.
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The other financial results contained a positive effect of