Galapagos (GLPG) TD Cowen 45th Annual Healthcare Conference summary

Strategic transformation and company separation

• Announced plan to separate into two publicly traded companies: Galapagos and SpinCo, to accelerate value creation and focus on distinct strategies.

• SpinCo will assume the OLCA agreement with Gilead and focus on building a pipeline of innovative medicines, while Galapagos will concentrate on global oncology leadership and cell therapy.

• Each entity will have resource flexibility and tailored strategies, aiming to maximize growth and impact.

• SpinCo will be listed on Euronext and NASDAQ by mid-2025, with Galapagos shareholders receiving SpinCo shares pro rata.

• SpinCo will be capitalized with EUR 2.45 billion, and Galapagos with EUR 500 million, providing a runway to 2028.

Cell therapy pipeline and manufacturing platform

• Galapagos is advancing a decentralized, automated manufacturing platform for cell therapies, targeting a seven-day vein-to-vein time.

• Six operational manufacturing sites in Europe, with expansion underway in the U.S., including Boston.

• The platform aims to reduce costs, improve access, and deliver fresh, potent cells with enhanced efficacy and safety.

• Strategic partnership with Lonza for supply and expansion of manufacturing capabilities.

• Plans to partner the platform with other cell therapy companies and expand the pipeline into 2025 and 2026.

Clinical development and pipeline progress

• Prioritizing GLPG 5101, a CD19 CAR-T therapy, with FDA and European clearance and fastest path to market.

• Atalanta phase 1/2 study expanding into additional lymphomas, with pivotal studies planned for 2026 and first approval targeted for 2028.

• Deprioritizing GLPG 5201 to focus resources on 5101; advancing GLPG 5301 in multiple myeloma and next-generation cell therapies.

• Promising clinical data for GLPG 5101: high response rates, durable responses, and favorable safety profile in various lymphomas.

• Uza-cel program in head and neck cancer progressing through partnership with Adaptimmune.