Galapagos signs agreement to transfer Jyseleca business to Alfasigma.

The agreement follows the signing of a letter of intent as announced on 30 October 2023.

In connection with the transaction, Galapagos expects to realize substantial savings ranging between €150 million and €200 million and will prioritize investments in its existing technology platforms of small molecules, CAR-T cell therapies and biologics, as well as the scale-up of its innovative decentralized CAR-T manufacturing network. In addition, Galapagos plans to invest in licensing and acquisition opportunities ranging from late preclinical to mid-stage clinical assets in its strategic therapeutic areas to drive value across its pipeline.

Subject to, and as part of the closing of the transaction, Michele Manto, Galapagos’ Chief Commercial Officer, will join Alfasigma, and has resigned from his position as Chief Commercial Officer and Executive Committee member at Galapagos at the end of December 2023.

As previously announced, under the terms of the agreement, Alfasigma will acquire the entire Jyseleca business, including the European and UK Marketing Authorizations, the commercial, medical affairs and development activities for Jyseleca and approximately 400 Galapagos positions in 14 European countries. Galapagos will receive a €50 million upfront payment, potential sales-based milestone payments totaling €120 million and mid-single to mid-double-digit royalties on European sales. Galapagos will contribute up to €40 million to Alfasigma by June 2025 for Jyseleca related development activities.