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Galapagos and Gilead Complete Filgotinib Collaboration
Galapagos NV and Gilead Sciences announced the closing and entry of force of their licensing collaboration to develop filgotinib for patients with rheumatoid arthritis, according to a press release from Gilead.
In December 2015, the companies entered into the agreement, which includes plans to initiate phase 3 studies of filgotinib, a selective Janus kinase 1 inhibitor, for patients with rheumatoid arthritis. Global development activities will be co-funded by 20% from Galapagos, which may exercise an option to commercialize filgotinib in Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom, while Gilead will be responsible for global manufacturing, sales and marketing.
The terms of the agreement entitle Galapagos to a $300 million upfront license fee following a $425 million equity investment at 58 per share of Galapagos, including issuance premium. As a result, Gilead now owns 14.75% of share capital in Galapagos, equivalent to 6,760,701 ordinary shares. Galapagos has 247,964,249.63 in share capital with 45,837,043 in voting rights. The agreement outlines other options for co-promotion and the terms of royalty and milestone payments following successful study, approval and marketing.
Reference: http://www.gilead.com/