Galapagos (GLPG) 43rd Annual J.P. Morgan Healthcare Conference summary

Strategic transformation and transaction overview

• Announced separation into two entities: Galapagos (cell therapy) and SpinCo (acquisitions in innovative medicines), each with distinct strategies and leadership.

• SpinCo will be capitalized with €2.45 billion to pursue acquisitions in oncology, immunology, and virology.

• Each Galapagos shareholder will receive one SpinCo share per Galapagos share.

• Targeted completion of the separation is mid-2025, with SpinCo to be listed on Euronext and Nasdaq, subject to regulatory and shareholder approvals.

• The collaboration agreement with Gilead will no longer apply to Galapagos, increasing flexibility for future partnerships.

Cell therapy platform and pipeline advancements

• Galapagos is advancing a robust cell therapy pipeline targeting hematological and solid tumors, including GLPG5101, GLPG5201, and GLPG5301.

• Decentralized, automated manufacturing platform enables rapid, cost-effective delivery and global access to fresh cell therapies.

• ATALANTA-1 study: 100% CR in R/R MCL, 95% in R/R FL/MZL, and 54% in R/R DLBCL (71% for DL2); 80% of CR patients were MRD negative and remained in CR at cutoff.

• GLPG5101 and GLPG5201 demonstrated robust expansion, durable persistence, and manageable safety profiles in clinical studies.

• The FDA granted IND clearance for the ATALANTA-1 study in the U.S.

SpinCo strategy and value creation

• SpinCo aims to acquire late-stage assets or companies, focusing on areas with high unmet medical need.

• Will operate with an independent management team and board, including Gilead representatives.

• Plans to build a portfolio through acquisitions, not internal R&D, and create a new company structure.

• Tight capital markets create opportunities for SpinCo to acquire undervalued assets.

• SpinCo’s €2.45 billion capital provides a multi-year runway for transformational deals.