Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 259

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 7
Chunk 259
---
 right to receive royalties from Gilead on net sales in the Gilead Territory under a separate agreement between Gilead and Galapagos entered into in October 2023. 
In January 2025, we announced the intended separation of Galapagos into two entities: a newly formed company, XYZ SpinCo NV (to be renamed at a later date, herein “SpinCo”), which would focus on building a pipeline of innovative medicines through transformational transactions, and Galapagos, which would continue to advance its global cell therapy leadership in addressing high unmet medical needs in oncology. As part of the intended separation, we and Gilead agreed to amend the 10-year global research and development collaboration entered into in 2019; following the separation, this agreement will only apply to SpinCo and not Galapagos, subject to payment by Galapagos of single digit royalties to Gilead on net sales of certain products. 
​
Share subscription agreement
As part of the research and development collaboration, Gilead entered into a share subscription agreement with us. On August 23, 2019, Gilead Therapeutics A1 Unlimited Company subscribed to 6,828,985 new Galapagos shares at a price of €140.59 per share, including issuance premium. 
On October 22, 2019, our Extraordinary Shareholders’ Meeting further issued a warrant to Gilead Therapeutics A1 Unlimited Company, known as Warrant A, that confers the right to subscribe for a number of new shares sufficient to bring the number of shares owned by Gilead and its affiliates to 25.1% of the issued and outstanding shares. Warrant A expires one year after the issue date and the exercise price per share is EUR 140.59. On November 6, 2019, Gilead exercised Warrant A and increased its ownership in Galapagos to 25.10% of the then issued and outstanding shares. Warrant A expired in October 2020.
On October 22, 2019, Gilead Therapeutics A1 Unlimited Company was also issued another warrant, known as the initial Warrant B, that confers the right to subscribe for a number of new shares sufficient to bring the number of shares owned by Gilead and its affiliates to 29.9% of the issued and outstanding shares. Pursuant to this warrant, the exercise price per share will be the greater of (i) 120% multiplied