Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 337

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 16I
Chunk 337
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positions in14European countries. The transfer of our Jyseleca® business has been determined to meet the criteria to be classified as held for sale and discontinued operations in our financial statements for the year ended December 31, 2023. We also presented all income statement items fully related to the transferred Jyseleca® business on a separate line “ Net profit/loss (-) from discontinued operations, net of tax” in our consolidated income statement.
We refer to note 34 for a list of companies included in the discontinued operations and to note 5 for more details on the discontinued operations. 2. Summary of significant transactions
TRANSFER OF JYSELECA® BUSINESS TO ALFASIGMA
On January 31, 2024, we successfully completed the transaction with Alfasigma for the transfer of the Jyseleca® business. The transfer included the European and UK Marketing Authorizations, and the commercial, medical affairs and development activities for Jyseleca®. In connection with the completion of the transaction, approximately400 of our positions in14 European countries transferred to Alfasigma to support business continuity and ongoing patient access for the Jyseleca® business. We received a€ 50 million upfront payment plus €9.8 million for cash and working capital. We are entitled to potential future sales-based milestone payments totaling€ 120 million and mid-single to mid-double-digit earn-outs on European sales.
We already contributed €15 million to Alfasigma for Jyseleca® related development activities and will still contribute€ 25 million by June 2025.
As part of the transaction, the amended Filgotinib Agreement between us and Gilead has been assigned by us to Alfasigma and led to the full recognition in revenue of the remaining deferred income related to filgotinib. Only our right to receive royalties from Gilead on net sales in the Gilead Territory under a separate agreement between Gilead and us entered into in October 2023, has not been transferred.
On January 31, 2024, we also signed a transition agreement with Alfasigma enacting the responsibilities and services that will be provided by the parties during a transition period for the transfer of the business. The gradual transfer of our remaining inventories to Alfasigma is also governed by this agreement.
We refer to note 5 for more details on the discontinued operations.

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GILEAD COLLABORATION AGRE