Latest news with #SpinCo
Yahoo
13-05-2025
- Business
- Yahoo
Galapagos Announces Strategic Update on Proposed Separation, Executive Leadership Transition and Board Changes
Mechelen, Belgium; May 13, 2025, 07:30 CET; regulated information – inside information – Galapagos NV (Euronext & NASDAQ: GLPG), a global biotechnology company dedicated to transforming patient outcomes through life-changing science and innovation, today provides a strategic update on the proposed separation, executive leadership transition and changes to its Board of Directors. On January 8, 2025, Galapagos announced its intention to separate into two publicly traded entities with Galapagos to advance novel cell therapies and SpinCo, a new biotechnology company focused on building a pipeline of innovative medicines through transformational transactions. This planned separation, subject to shareholder approval and other customary conditions, was expected by mid-2025. Since this initial announcement, the Company has made significant progress in reorganizing its business towards the separation. However, following regulatory and market developments, the Galapagos Board of Directors has decided to re-evaluate the previously proposed separation and will explore all strategic alternatives for its existing businesses, including cell therapy, with a focus on maximizing resources available for transformative business development transactions. As part of this strategic update, the Board of Directors has appointed Mr. Henry Gosebruch as Chief Executive Officer of Galapagos and Executive Director of the Board by way of co-optation, replacing Dr. Paul Stoffels1, effective immediately. On April 21, 2025, Galapagos announced that its Board of Directors appointed Henry Gosebruch as Founding CEO of SpinCo as well as the retirement of Dr. Paul Stoffels as CEO of Galapagos. In this expanded role, Mr. Gosebruch will now lead the strategic evaluation process for Galapagos' current business, and in parallel, focus on building a pipeline of innovative medicines through transformative business development transactions, leveraging the company's strong balance sheet and cash resources. Mr. Jérôme Contamine, member of the Galapagos Board of Directors since April 26, 2022, and Chair of the Audit Committee and Lead Non-Executive Director, has been appointed Chair of the Board of Directors of Galapagos. Dr. Paul Stoffels will remain with the company in an advisory capacity and assist in the evaluation of strategic options for the cell therapy pipeline assets under development at Galapagos, including its flagship program, GLPG5101, and its innovative decentralized cell therapy manufacturing platform. Mr. Jérôme Contamine, Chair of the Board of Galapagos, commented, 'I am honored to have been appointed as Chair of the Board of Galapagos. Paul has led with purpose and integrity, and the Board and I are extremely thankful for his leadership during a pivotal period for our company. The Board and I are fully committed to supporting Henry in his endeavor to explore ways to accelerate the building of an innovative portfolio, leveraging the company's strong balance sheet, while finding the best option, both for patients and for our shareholders, for the future of our cell therapy activities.' 'I am very pleased to join the talented team at Galapagos as CEO. Together with the Board, we will intensify our efforts on delivering value for all our stakeholders,' said Mr. Henry Gosebruch, CEO of Galapagos. 'We are currently evaluating strategic options regarding our clinical programs and other assets. I look forward to working with Paul in finding a value-maximizing alternative for the cell therapy business including exploring mergers, divestures, and out-licensing. In parallel, we will pursue transformative business development opportunities in order to build an innovative pipeline with the potential to deliver differentiated medicines for patients.' In connection with this appointment, the Company will issue new restricted stock units (RSUs) and subscription rights. About GalapagosGalapagos is a biotechnology company with operations in Europe, the U.S., and Asia, dedicated to transforming patient outcomes through life-changing science and innovation for more years of life and quality of life. Focusing on high unmet medical needs, we synergize compelling science, technology, and collaborative approaches to create a deep pipeline of best-in-class medicines. With capabilities from lab to patient, including a decentralized cell therapy manufacturing platform, we are committed to challenging the status quo and delivering results for our patients, employees, and shareholders. Our goal is to meet current medical needs and anticipate and shape the future of healthcare, ensuring that our innovations reach those who need them most. For additional information, please visit or follow us on LinkedIn or X. This press release contains inside information within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation). For further information, please contact: Media inquiries:Srikant Ramaswami+1 412 699 0359 media@ Investor inquiries:Srikant Ramaswami+1 412 699 0359 Glenn Schulman+1 412 522 6239ir@ Forward-looking statementsThis press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements are often, but are not always, made through the use of words or phrases such as 'anticipate,' 'expect,' 'plan,' 'estimate,' 'will,' 'continue,' 'aim,' 'intend,' 'future,' 'potential,' 'could,' 'indicate,' 'forward,' as well as similar expressions. Forward-looking statements contained in this release include, but are not limited to, statements regarding potential transaction alternatives and strategic options. Forward-looking statements involve known and unknown risks, uncertainties and other factors which might cause Galapagos' actual results to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, without limitation, the possibility that such transaction alternatives and strategic options may not materialize or may not yield the desired results, as well as those risks and uncertainties identified in Galapagos' Annual Report on Form 20-F for the year ended 31 December 2024 filed with the U.S. Securities and Exchange Commission (SEC) and its subsequent filings with the SEC. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The forward-looking statements contained herein are based on management's current expectations and beliefs and speak only as of the date hereof, and Galapagos makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances, or changes in expectations. 1 Throughout this press release, 'Dr. Paul Stoffels' should be read as 'Dr. Paul Stoffels, acting via Stoffels IMC BV.' Attachment GLPG Press Release Beluga II_FINAL in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
01-05-2025
- Entertainment
- Daily Mail
MSNBC star Rachel Maddow loses her right-hand man as bloodbath at liberal network escalates
Rachel Maddow's trusted right-hand man, Andrew Dallos, has announced his departure after nearly 25 years at MSNBC, underscoring growing instability within the embattled network. Dallos, 59, who was instrumental in launching The Rachel Maddow Show in 2008, confirmed his exit on Wednesday with an emotional Instagram post. 'After nearly 25 years, my time at MSNBC has come to an end. I've made the difficult decision to leave the company I've called home for nearly a quarter of a century,' he wrote. In the post, accompanied by a photo of NBC Studios in New York, Dallos expressed gratitude for the experience. 'During my time here, I've been privileged to work alongside some amazing colleagues. Special thanks to Rachel Maddow for the opportunity to join her team on the very first day of her show and giving me the journey of a lifetime. Special thanks to Cory Gnazzo for his steady leadership.' Dallos also acknowledged the broader shakeup at MSNBC, which has included sweeping layoffs and restructuring amid its corporate spinoff. 'As many of you are preparing to move to SpinCo, please know that I'll be cheering you on every step of the way,' he wrote, referencing the newly formed independent media entity Comcast is creating out of NBCUniversal's cable and digital assets. Even though Dallos is exiting, the veteran producer celebrated a 'full-circle' moment, noting that his daughter will soon follow in his footsteps. 'Although today is my last day with TRMS, it's only the beginning for my daughter, Ashley, who will be interning for The 11th Hour starting in June, following in her dad's footsteps. Funny how life has come full circle,' he added. 'I hope our paths cross again down the line. Until then, I wish you all the best.' Dallos' departure coincides with a major transition for Maddow's show, which is set to return to airing just one night a week on Mondays after briefly expanding to five nights to cover President Trump's first 100 days back in office, according to TheWrap. His exit also comes amid deep cuts across the network. According to The Guardian, most producers for Maddow's and Joy Reid's shows - including high-profile figures like Katie Phang, Jonathan Capehart, Ayman Mohyeldin, and José Díaz-Balart - have been let go, with the option to reapply or take severance. While, Maddow's executive producer Cory Gnazzo and several senior producers will remain. Though Dallos is exiting, the veteran producer celebrated a 'full-circle' moment, noting that his daughter will soon follow in his footsteps View this post on Instagram A post shared by Andrew Dallos (@andrewdallos) The star host however has not shied away from criticizing the network's actions. Maddow expressed concern for the dozens of producers and staff who work behind the scenes, saying that they were 'really being put through the wringer', facing potential layoffs and being 'invited to reapply for new jobs'. 'That has never happened at this scale, in this way before when it comes to programming changes, presumably because it's not the right way to treat people, and it's inefficient and it's unnecessary and it kind of drops the bottom out of whether or not people feel like this is a good place to work, and so we don't generally do things that way,' Maddow said on air. 'Personally, I think it is a bad mistake to let her [Reid] walk out the door… It is also unnerving… both of our non-white hosts in prime time are losing their shows, as is Katie Phang on the weekend. That feels worse than bad… That feels indefensible and I do not defend it.'
Daily Mail
25-04-2025
- Entertainment
- Daily Mail
Inside MSNBC's secret plot to get rid of Joy Reid after her woke rants gave bosses 'heartburn'
MSNBC's secret plot to get rid of its wokest star Joy Reid has been revealed two months after she was fired from the network. The Reid Out star's regular social media rants 'gave the Standards Department heartburn,' an insider at the liberal network told Politico. NBC News boss Cesar Conde and former MSNBC boss Rashida Jones began plotting to get rid of Reid in late 2023, it is claimed. They attempted what Politico called 'severance in drag' by only offering Reid a one year contract extension, while also cutting her pay in the hopes she'd get the hint and quit. But Reid - famed for her strident support of DEI and dislike of MAGA - did not take the hint and stayed on. Jones left MSNBC earlier this year, with new boss Rebecca Kutler promptly firing Reid shortly after beginning her role. She had the blessing of Mark Lazarus, who's the CEO of SpinCo, the name of MSNBC's new parent company after it was separated from NBC News and its parent Comcast. While MSNBC has now shed its most progressive star, there's no suggestion the network is going to become less wing. But bosses are said to have wanted to take a less inflammatory approach to covering politics as Donald Trump's second term as president gets under way. MSNBC's two top execs fired Joy Reid in February after more than a year of pushback from its parent Comcast, according to a sprawling report from Politico. Fueled by insight from more than three dozen staffers, it describes how C-suiters had become fed-up with Reid's rants New boss Rebecca Kutler did the honors with soon-to-be SpinCo CEO Mark Lazarus's seal of approval, according to a sprawling report from Politico Described as 'unafraid to break things' by an old coworker and a 'fantastic leader' by a former rival, Kutler ruthlessly pulled the Reid Out from MSNBC's programming as part of a round of layoffs - again, days after taking the reigns. Lazarus, meanwhile, was billed as more conservative than some of his progressive colleagues at the Peacock Network and SpinCo, the cable-channel-centered company set to part from Comcast. 'He could have a MAGA hat at home and we wouldn't know,' one MSNBC staffer interviewed for the feature said. Lazarus is also said to have told staffers he doesn't think Republicans get a fair shake on MSNBC. He's been at NBC since 2011, and previously held the prestigious position of chairman of NBCU's media group. There, he oversaw the company's TV and Streaming platforms - well enough to earn the trust of those at Comcast to handle the ongoing split. Humiliatingly, Reid's firing was leaked before she could announce it after a list of names of layoffs was left sitting atop a printer at MSNBC's Rockefeller Center HQ. Among those upset was the network's star Rachel Maddow, who took to her show to rant at bosses for getting rid of Reid and other non-white stars. Lazarus, meanwhile, was billed as more conservative than some of his progressive colleagues at the Peacock Network and SpinCo, the cable-channel-centered company set to part from Comcast. That was after Lazarus handed Maddow a $5million paycut as one of her first moves upon taking his position. She now earns 'just' $25 million a year. While Maddow remains a ratings draw, her audience is older and her decision to bite the hand that feeds her is said to have raised rumblings of discontent inside MSNBC, according to Puck. Former White House Press Secretary Jen Psaki is MSNBC's new star and is seen by some as a less entitled successor to Maddow as cable TV continues to shed viewers and profits slowly fizzle. He and Kutler are hoping to transform what is widely viewed as a declining asset - MSNBC - as the flagship of a a growing startup, set to bring in money from streaming and other means aside from cable. 'We have the ability to transcend this linear cable box,' Kutler - the leader of programming for the failed exploit that was CNN+ - told Politico for the report. 'We have the ability to build things.' Meanwhile, MSNBC - and many top talents - continued their move to another floor at 30 Rock, where SpinCo will soon be up and running later this year.
Yahoo
23-04-2025
- Business
- Yahoo
Galapagos Reports First Quarter 2025 Financial Results, Recent Business Highlights and Near-Term Catalysts
Mechelen, Belgium; April 23, 2025, 22:01 CET; regulated information – Galapagos NV (Euronext & Nasdaq: GLPG), a global biotechnology company dedicated to transforming patient outcomes through life-changing science and innovation, today reported its financial and operational results for the first quarter of 2025. 'We are making progress toward the planned separation announced early this year, positioning Galapagos to be a leader in cell therapy, focused on addressing the high unmet needs of patients with hematologic malignancies with our potential best-in-class cell therapies,' said Paul Stoffels1, MD, CEO and Chair of the Board of Directors of Galapagos. 'Our unique decentralized manufacturing platform is designed to deliver fresh, stem-like, early memory cells with a vein-to-vein time of seven days, and aims to redefine cell therapy by providing faster and broader access with the potential for improved patient outcomes. In addition to the first U.S. patient now dosed in the ATALANTA-1 study of GLPG5101, we have selected mantle cell lymphoma as the lead registrational indication for the program. GLPG5101 is being advanced toward pivotal development in 2026, with the goal of obtaining the first approval in 2028. This is just the beginning of our broader mission of bringing GLPG5101 to more patients impacted by hematological malignancies across eight indications with high unmet need.' 'In parallel with advancing GLPG5101 toward pivotal development, we have established operations in China that enable us to accelerate the development and value creation of our next-generation cell therapy pipeline,' stated Thad Huston, COO and CFO of Galapagos. 'We continue to maintain financial discipline, ending the first quarter of 2025 with €3.3 billion in cash, and reaffirming a normalized annual cash burn within the previously guided range of €175 million to €225 million post-separation, excluding restructuring costs. Finally, we are making progress toward the planned separation of SpinCo by mid-2025, and we are happy to welcome Henry Gosebruch as SpinCo's Founding CEO.' FIRST QUARTER 2025, RECENT BUSINESS UPDATE AND NEAR-TERM CATALYSTSClinical Pipeline: Near-Term Value DriverATALANTA-1 Phase 1/2 study of GLPG5101: CD19 CAR-T candidate in eight2 hematological malignancies with high unmet need Demonstrated encouraging safety and efficacy profile in heavily pre-treated, relapsed/refractory patients, underscoring the potential differentiated benefits of Galapagos' unique decentralized cell therapy manufacturing platform that aims to deliver fresh, stem-like early memory CAR-T therapy with a vein-to-vein time of seven days. First U.S. patient dosed, with continued enrollment progressing across existing European clinical trial sites. Additional cohort evaluating patients with Richter transformation (RT) opened, with patient enrollment expected to commence in the coming months. Preparations underway to add a chronic lymphocytic leukemia (CLL) cohort, with patient enrollment anticipated to start in the second half of 2025, subject to study protocol approval. Fully enrolled the indolent NHL (follicular lymphoma/marginal zone lymphoma) cohort, with new Phase 1/2 topline results expected to be presented at a medical conference in the first half of 2025. Patient enrollment in the Mantle Cell Lymphoma (MCL) cohort is progressing, with updated Phase 1/2 topline results expected to be presented at a medical conference in the second half of 2025. MCL, a high-unmet-need lymphoma due to its aggressive nature, frequent relapses, limited durable treatment options, and post Bruton's tyrosine kinase (BTK) inhibitor relapse, has been selected as the lead indication for GLPG5101 pivotal development, which is planned to start in 2026. PAPILIO-1 Phase 1/2 study of GLPG5301: BCMA CAR-T candidate in relapsed/refractory multiple myeloma (R/R MM) Patient enrollment in the Phase 1 part is progressing with topline results expected in 2026, which will guide Galapagos' development strategy. Galapagos expects to present Phase 1 topline data at a future medical conference. Proprietary Early-Stage Pipeline: Strong Foundation for Sustainable Value-Creation Galapagos further advanced its proprietary early-stage next-generation cell therapy pipeline, which comprises armed, multi-targeting cell therapy constructs designed to improve potency, prevent resistance, and improve persistence of CAR-Ts in hematological and solid tumors. Galapagos plans to initiate clinical development of a novel CAR-T candidate before the end of 2025 and to select at least one program for IND-enabling studies in 2025. In 2026, the pipeline is expected to be expanded with at least one additional next-generation program. Established operations in Shanghai to accelerate the development of the next-generation CAR-T pipeline. Differentiated Platform: Leverage Through Partnerships and Scaling-Up in Key Markets As part of its collaboration with Adaptimmune, Galapagos is advancing uza-cel, a MAGE-A4 directed TCR T-cell therapy candidate, in head and neck cancer and potential future solid tumor indications, using Galapagos decentralized cell therapy manufacturing platform. Preparations are underway to start the clinical proof-of-concept study in 2026. Supported by its strong collaborations with Lonza (for the Cocoon® platform) and Thermo Fisher Scientific (for the development of an ultra-rapid PCR sterility test together with miDiagnostics), Galapagos is scaling up its network of decentralized manufacturing units (DMUs). Following earlier collaboration agreements in 2025 with Catalent (NY/NJ/PA regions) and NecstGen (Benelux region), Galapagos recently signed a collaboration agreement with the Moffitt Cancer Center in Florida to support its cell therapy manufacturing. Additional DMUs will be integrated into the Company's network in the U.S. and Europe to ensure sufficient capacity for clinical and future commercial supply in key regions. Planned Separation: Galapagos and SpinCo The planned separation of Galapagos NV into two independently operating entities is subject to the receipt of approval from shareholders, as well as certain other customary conditions, and is expected by mid-2025. SpinCo will be a new biotechnology company, with the purpose of identifying transaction opportunities and investing to build a pipeline of innovative medicines with demonstrated proof-of-concept through one or more transformative transactions, with an initial focus in oncology, immunology, and virology. SpinCo will execute on its business plan by acquiring products, product candidates, or research and development programs, either directly or through the acquisition of one or more companies operating in these therapeutic focus areas. SpinCo will initially be funded with approximately €2.45 billion in cash and cash equivalents from Galapagos. On April 21, 2025, Galapagos announced that its Board of Directors appointed Henry Gosebruch as Founding CEO of SpinCo. The consultations with the works councils in Belgium, the Netherlands, and France have been completed. As announced in January 2025, Galapagos is seeking partners to take over its small molecule research portfolio and GLPG3667, its oral TYK2 inhibitor currently in Phase 3-enabling studies for systemic lupus erythematosus (SLE) and dermatomyositis (DM), with topline data expected in the first half of 2026. GLPG3667 represents a best-in-class opportunity in a growing TYK2 inhibitors market, which is projected to exceed $3.0 billion by 20303. Corporate Update On April 21, 2025, Galapagos announced that Paul Stoffels plans to retire from his role as CEO upon appointment of a successor in the next 12 months, and to remain as Non-Executive Chair of the Galapagos Board of Directors, subject to the reappointment as Director at the 2026 Annual General Meeting. On April 15, 2025, Galapagos announced the departure of Thad Huston, CFO and COO, effective as of August 1, 2025. Mr. Huston had decided to leave the Company and return to the U.S. for personal and professional reasons. FINANCIAL PERFORMANCE Key figures for the first quarter of 2025 (consolidated)(€ millions, except basic & diluted earnings/loss (-) per share) March 31, 2025 March 31, 2024 % Change Supply revenues 13.8 2.5 +452% Collaboration revenues 61.2 59.9 +2% Total net revenues 75.0 62.4 +20% Cost of sales (13.8) (2.5) +452% R&D expenses (182.7) (71.6) +155% G&Ai and S&Mii expenses (43.8) (30.8) +42% Other operating income 6.6 9.4 -30% Operating loss (158.7) (33.1) +379% Fair value adjustments and net exchange differences (9.4) 30.6 Net other financial result 11.8 25.4 -54% Income taxes 1.8 0.6 +200% Net profit/loss (-) from continuing operations (154.5) 23.5 Net profit from discontinued operations, net of tax 1.1 66.7 Net profit/loss (-) of the period (153.4) 90.2 Basic and diluted earnings/loss (-) per share (€) (2.3) 1.4 Financial investments, cash & cash equivalents 3,297.3 3,557.9 DETAILS OF THE FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2025 Total operating loss from continuing operations for the three months ended March 31, 2025, amounted to €158.7 million, compared to an operating loss of €33.1 million for the three months ended March 31, 2024. This operating loss was negatively impacted by the planned strategic reorganization and separation, for a total of €111 million. This is reflected in severance costs of €47.5 million, costs for early termination of collaborations of €42.1 million, impairment on fixed assets related to small molecules activities of €10.2 million, deal costs of €6.6 million and €4.2 million accelerated non-cash cost recognition for subscription right plans related to good leavers. Total net revenues for the three months ended March 31, 2025, amounted to €75.0 million, compared to €62.4 million for the three months ended March 31, 2024. The revenue recognition related to the exclusive access rights granted to Gilead for Galapagos' drug discovery platform amounted to €57.6 million for the three months ended March 31, for both 2025 and 2024. The deferred income balance at March 31, 2025, includes €1.0 billion allocated to the Company's drug discovery platform. Cost of sales amounted to €13.8 million for the three months ended March 31, 2025, and related to the supply of Jyseleca® to Alfasigma under the transition agreement. The related revenues are reported in total net revenues. R&D expenses for the three months ended March 31, 2025, amounted to €182.7 million, compared to €71.6 million for the three months ended March 31, 2024. Increased personnel expenses (mainly related to severance costs), impairment on fixed assets (related to small molecules programs) and costs for early termination of collaboration agreements lead to this increase in R&D expenses. S&M and G&A expenses amounted to €43.8 million for the three months ended March 31, 2025, compared to €30.8 million for the three months ended March 31, 2024. This increase was mainly due to higher personnel costs (primarily severance costs) and higher legal and professional fees (deal costs). Other operating income of €9.4 million for the three months ended March 31, 2024, decreased to €6.6 million for the three months ended March 31, 2025, mainly driven by lower grant and R&D incentives income and no recharges to Alfasigma. Net financial income for the three months ended March 31, 2025, amounted to €2.4 million, compared to net financial income of €56.0 million for the three months ended March 31, 2024. Fair value adjustments and net currency exchange results amounted to a negative amount of €9.4 million for the three months ended March 31, 2025, compared to positive fair value adjustments and net currency exchange gains for the three months ended March 31, 2024, of €30.6 million and were primarily attributable to €4.3 million of positive changes in fair value of financial investments, offset by €13.7 million of unrealized currency exchange losses on our cash and cash equivalents and financial investments at amortized cost in U.S. dollars. Net other financial income for the three months ended March 31, 2025, amounted to €11.8 million, compared to net other financial income of €25.4 million for the three months ended March 31, 2024. Net interest income amounted to €12.0 million for the three months ended March 31, 2025, compared to €25.2 million of net interest income for the three months ended March 31, 2024, due to a decrease in the interest rates. The Company reported a net loss from continuing operations for the three months ended March 31, 2025, of €154.5 million, compared to a net profit from its continuing operations of €23.5 million for the three months ended March 31, 2024. Net profit from discontinued operations related to Jyseleca® amounted to €1.1 million, compared to net profit amounting to €66.7 million for the three months ended March 31, 2024. The operating profit from discontinued operations for the three months ended March 31, 2024, was mainly related to the gain on the sale of the Jyseleca® business to Alfasigma of €52.3 million. Galapagos reported a net loss for the three months ended March 31, 2025, of €153.4 million, compared to a net profit of €90.2 million for the three months ended March 31, 2024. Cash positionFinancial investments and cash and cash equivalents totaled €3,297.3 million on March 31, 2025, as compared to €3,317.8 million on December 31, 2024. Total net decrease in cash and cash equivalents and financial investments amounted to €20.5 million during the first three months of 2025, compared to a net decrease of €126.6 million during the first three months of 2024. This net decrease was composed of (i) €37.1 million of operational cash burn, (ii) €15.3 million of negative exchange rate differences, positive changes in fair value of current financial investments, variation in accrued interest income and loans to third parties, partly offset by (iii) €19.7 million of net cash in related to the sale of the Jyseleca® business to Alfasigma (mainly partial release from the escrow account), (iv) €12.2 million of net cash is related to the sale of a subsidiary. FINANCIAL GUIDANCEAs of March 31, 2025, Galapagos had approximately €3.3 billion in cash and financial investments. Galapagos intends to separate into two publicly traded companies and to establish SpinCo with approximately €2.45 billion in current cash. Following this planned transaction, Galapagos expects its normalized annual cash burn to be between €175 million and €225 million, excluding restructuring costs. Upon separation, Galapagos expects to have approximately €500 million in cash to accelerate its pipeline and fund its operations to 2028. CONFERENCE CALL AND WEBCAST PRESENTATIONGalapagos will host a conference call and webcast presentation on April 24, 2025, at 14:00 CET / 08:00 EDT. To participate in the conference call, please register using this link. Dial-in numbers will be provided upon registration. The conference call can be accessed 10 minutes prior to the start of the call using the access information provided in the e-mail received upon registration or by using the 'call me' feature. The live webcast is available on or via the following link. The archived webcast will be available for replay shortly after the close of the call on the investor section of the website. CORPORATE CALENDAR 2025 Date Details April 29 Annual Shareholders' meeting July 23 Half Year 2025 results (webcast July 24, 2025) October 22 Third Quarter 2025 results (webcast October 23, 2025) About GalapagosWe are a biotechnology company with operations in Europe, the U.S., and Asia, dedicated to transforming patient outcomes through life-changing science and innovation for more years of life and quality of life. Focusing on high unmet medical needs, we synergize compelling science, technology, and collaborative approaches to create a deep pipeline of best-in-class medicines. With capabilities from lab to patient, including a decentralized cell therapy manufacturing platform, we are committed to challenging the status quo and delivering results for our patients, employees, and shareholders. Our goal is not just to meet current medical needs but to anticipate and shape the future of healthcare, ensuring that our innovations reach those who need them most. For additional information, please visit or follow us on LinkedIn or X. For further information, please contact: Media inquiries:Srikant Ramaswami+1 412 699 0359 Marieke Vermeersch+32 479 490 603 media@ Investor inquiries:Srikant Ramaswami+1 412 699 0359 Glenn Schulman+1 412 522 6239 ir@ Forward-looking statements This press release contains forward-looking statements, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as 'believe,' 'anticipate,' 'expect,' 'intend,' 'plan,' 'seek,' 'upcoming,' 'future,' 'estimate,' 'may,' 'will,' 'could,' 'would,' 'potential,' 'forward,' 'goal,' 'next,' 'continue,' 'should,' 'encouraging,' 'aim,' 'progress,' 'remain,' 'explore,' 'further' as well as similar expressions. These statements include, but are not limited to, the guidance from management regarding our financial results (including guidance regarding the expected operational use of cash for the fiscal year 2025), statements regarding the intended separation of Galapagos into two public companies, the corporate reorganization and related transactions, including the expected timeline of such transactions, anticipated changes to the management and Board of Directors of each of Galapagos and SpinCo, and the anticipated benefits and synergies of such transactions, the receipt of regulatory and shareholder approvals for such transactions, statements regarding our regulatory outlook, statements regarding the amount and timing of potential future milestones, and potential future milestone payments, statements regarding our R&D plans, strategy and outlook, including progress on our oncology or immunology portfolio, and potential changes in such strategy and plans, statements regarding our pipeline and complementary technology platforms facilitating future growth, statements regarding our product candidates and partnered programs, and any of our future product candidates or approved products, if any, statements regarding the global R&D collaboration with Gilead and the amendment of our arrangement with Gilead for the commercialization and development of filgotinib, statements regarding the expected timing, design and readouts of our ongoing and planned preclinical studies and clinical trials, including but not limited to (i) GLPG3667 in SLE and DM, (ii) GLPG5101 in R/R NHL, CLL, MCL and other hematological malignancies, and (v) GLPG5301 in R/R MM, including recruitment for trials and interim or topline results for trials and studies in our portfolio, statements regarding the potential attributes and benefits of our product candidates, statements regarding our commercialization efforts for our product candidates and any of our future approved products, if any, statements about potential future commercial manufacturing of T-cell therapies, statements related to the IND application for the Phase 1/2 ATALANTA-1 study, statements related to the anticipated timing for submissions to regulatory agencies, including any INDs or CTAs, statements relating to the development of our distributed manufacturing capabilities on a global basis, and statements related to our portfolio goals, business plans, and sustainability plans. Galapagos cautions the reader that forward-looking statements are based on our management's current expectations and beliefs and are not guarantees of future performance. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause actual events, financial condition and liquidity, performance or achievements, or the industry in which we operate, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. In addition, even if our results, performance, financial condition and liquidity, and the development of the industry in which it operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. Such risks include, but are not limited to, the risk that our expectations and management's guidance regarding our 2025 operating expenses, cash burn and other financial estimates may be incorrect (including because one or more of its assumptions underlying our revenue or expense expectations may not be realized), the risks associated with the anticipated transactions, including the risk that regulatory and shareholder approvals required in connection with the transactions will not be received or obtained within the expected time frame or at all, the risk that the transactions and/or the necessary conditions to consummate the transactions will not be satisfied on a timely basis or at all, uncertainties regarding our ability to successfully separate Galapagos into two companies and realize the anticipated benefits from the separation within the expected time frame or at all, the two separate companies' ability to succeed as stand-alone, publicly traded companies, the risk that costs of restructuring transactions and other costs incurred in connection with the transactions will exceed our estimates, the impact of the transactions on our businesses and the risk that the transactions may be more difficult, time consuming or costly than expected, the risk that Galapagos and SpinCo will encounter challenges retaining or attracting talent, that the CEO appointment may be disruptive to our or SpinCo's (future) business operations, the risks related to the search and recruitment of a suitable successor for our Galapagos' CEO and CFO & COO, risks related to our ability to effectively transfer knowledge, risks associated with Galapagos' product candidates and partnered programs, including GLPG5101 and uza-cel, the risk that ongoing and future clinical trials may not be completed in the currently envisaged timelines or at all, the inherent risks and uncertainties associated with competitive developments, clinical trials, recruitment of patients, product development activities and regulatory approval requirements (including the risk that data from Galapagos' ongoing and planned clinical research programs in DM, SLE, R/R NHL, RT, R/R MM and other oncologic indications or any other indications or diseases, may not support registration or further development of its product candidates due to safety or efficacy concerns or other reasons), the risk that the preliminary and topline data from our studies, including the ATALANTA-1 and PAPILIO-1-studies, may not be reflective of the final data, risks related to our reliance on collaborations with third parties (including, but not limited to, our collaboration partners Gilead, Lonza and Adaptimmune), the risk that the transfer of the Jyseleca® business will not have the currently expected results for our business and results of operations the risk that we will not be able to continue to execute on our currently contemplated business plan and/or will revise our business plan, including the risk that our plans with respect to CAR-T may not be achieved on the currently anticipated timeline or at all, the risk that our estimates regarding the commercial potential of our product candidates (if approved) or expectations regarding the costs and revenues associated with the commercialization rights may be inaccurate, and risks related to our strategic transformation exercise, including the risk that we may not achieve the anticipated benefits of such exercise on the currently envisaged timeline or at all and the risks related to geopolitical conflicts and macro-economic events. A further list and description of these risks, uncertainties and other risks can be found in our filings and reports with the Securities and Exchange Commission (SEC), including in our most recent annual report on Form 20‐F filed with the SEC and our subsequent filings and reports filed with the SEC. Given these risks and uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. In addition, even if the result of our operations, financial condition and liquidity, or the industry in which we operate, are consistent with such forward-looking statements, they may not be predictive of results, performance or achievements in future periods. These forward-looking statements speak only as of the date of publication of this release. We expressly disclaim any obligation to update any such forward-looking statements in this release to reflect any change in our expectations or any change in events, conditions or circumstances, unless specifically required by law or regulation. 1 Throughout this press release, 'Dr. Paul Stoffels' should be read as 'Dr. Paul Stoffels, acting via Stoffels IMC BV'2 7 cohorts opened for enrollment and preparations to add CLL (8th indication) cohort underway3 Based on consensus forecasts from Evaluate Pharma, which compiles analyst reports for each TYK2 asset The operational cash burn (or operational cash flow if this liquidity measure is positive) is equal to the increase or decrease in the cash and cash equivalents (excluding the effect of exchange rate differences on cash and cash equivalents), minus:• the net proceeds, if any, from share capital and share premium increases included in the net cash flows generated from/used in (-) financing activities• the net proceeds or cash used, if any, related to the acquisitions or disposals of businesses; the acquisition of financial assets held at fair value through other comprehensive income; the movement in restricted cash and movement in financial investments, if any, the cash advances and loans given to third parties, if any, included in the net cash flows generated from/used in (-) investing activities• the cash used for other liabilities related to the acquisition or disposal of businesses, if any, included in the net cash flows generated from/used in (-) operating alternative liquidity measure is in the view of the Company an important metric for a biotech company in the development stage. The operational cash burn for the three months ended March 31, 2025, amounted to €37.1 million and can be reconciled to the cash flow statement by considering the increase in cash and cash equivalents of €45.1 million, adjusted by (i) the net sale of financial investments amounting to €51.8 million, (ii) the cash-in related to the sale of subsidiaries of €31.9 million, and (iii) the loans and advances given to third parties of €1.5 million. i General and administrativeii Sales and marketing Addendum Consolidated statements of income and comprehensive income/loss (-) (unaudited) Consolidated income statement Three months endedMarch 31 (thousands of €, except per share data) 2025 2024 Supply revenues 13,780 2,548 Collaboration revenues 61,197 59,884 Total net revenues 74,977 62,432 Cost of sales (13,729) (2,548) Research and development expenses (182,752) (71,614) Sales and marketing expenses (4,174) (2,907) General and administrative expenses (39,623) (27,881) Other operating income 6,593 9,387 Operating loss (158,708) (33,131) Fair value adjustments and net currency exchange differences (9,443) 30,613 Other financial income 12,564 25,707 Other financial expenses (780) (254) Profit/loss (-) before tax (156,367) 22,935 Income taxes 1,814 568 Net profit/loss (-) from continuing operations (154,553) 23,503 Net profit from discontinued operations, net of tax 1,150 66,717 Net profit/loss (-) (153,403) 90,220 Net profit/loss (-) attributable to: Owners of the parent (153,403) 90,220 Basic and diluted earnings/loss (-) per share (2.33) 1.37 Basic and diluted earnings/loss (-) per share from continuing operations (2.35) 0.36 Consolidated statement of comprehensive income/loss (–) Three months endedMarch 31 (thousands of €) 2025 2024 Net profit/loss (-) (153,403) 90,220 Items that will not be reclassified subsequently to profit or loss: Re-measurement of defined benefit obligation - 74 Fair value adjustment financial assets held at fair value through other comprehensive income (2,005) - Items that may be reclassified subsequently to profit or loss: Translation differences, arisen from translating foreign activities (533) 79 Realization of translation differences upon sale of foreign operations - 4,095 Other comprehensive income/loss (-), net of income tax (2,538) 4,248 Total comprehensive income/loss (-) attributable to: Owners of the parent (155,941) 94,468 Total comprehensive income/loss (-) attributable to owners of the parent arises from: Continuing operations (157,091) 23,392 Discontinued operations 1,150 71,076 Total comprehensive income/loss (-), net of income tax (155,941) 94,468 Consolidated statements of financial position (unaudited) (thousands of €) March 31, 2025 December 31, 2024 Assets Goodwill 69,712 70,010 Intangible assets other than goodwill 156,252 164,862 Property, plant and equipment 113,225 122,898 Deferred tax assets 1,473 1,474 Non-current R&D incentives receivables 113,194 132,729 Non-current contingent consideration receivable 42,175 42,465 Equity investments 50,855 52,941 Other non-current assets 2,706 8,708 Non-current financial investments - 200,182 Non-current assets 549,592 796,269 Inventories 38,516 51,192 Trade and other receivables 51,148 47,476 Current R&D incentives receivables 32,342 39,882 Current financial investments 3,189,235 3,053,334 Cash and cash equivalents 108,067 64,239 Escrow account 21,728 41,163 Other current assets 31,318 31,049 Current assets from continuing operations 3,472,354 3,328,335 Assets in disposal group classified as held for sale - 11,115 Total current assets 3,472,354 3,339,450 Total assets 4,021,946 4,135,719 Equity and liabilities Share capital 293,937 293,937 Share premium account 2,736,994 2,736,994 Other reserves (5,163) (3,158) Translation differences 2,939 3,472 Accumulated losses (280,813) (134,306) Total equity 2,747,894 2,896,939 Retirement benefit liabilities 2,078 2,099 Deferred tax liabilities 18,718 20,660 Non-current lease liabilities 7,787 8,243 Other non-current liabilities 27,073 33,821 Non-current deferred income 781,353 838,876 Non-current liabilities 837,009 903,699 Current lease liabilities 3,071 3,479 Trade and other liabilities 168,944 98,877 Provisions 34,199 - Current tax payable 195 249 Current deferred income 230,634 232,476 Current liabilities 437,043 335,081 Total liabilities 1,274,052 1,238,780 Total equity and liabilities 4,021,946 4,135,719 Consolidated cash flow statements (unaudited) Three months endedMarch 31 (thousands of €) 2025 2024 Net profit/loss (-) of the period (153,403) 90,220 Adjustment for non-cash transactions 81,056 (13,367) Adjustment for items to disclose separately under operating cash flow (13,796) (25,638) Adjustment for items to disclose under investing and financing cash flows (9,105) (57,736) Change in working capital other than deferred income 111,624 (46,217) Decrease in deferred income (59,364) (81,974) Cash used in operations (42,988) (134,712) Interest paid (208) (432) Interest received 4,813 13,461 Corporate taxes paid (224) (751) Net cash flows used in operating activities (38,607) (122,434) Purchase of property, plant and equipment (5,095) (3,742) Purchase of and expenditure in intangible fixed assets (155) (2,520) Purchase of financial investments (340,000) (420,158) Investment income received related to financial investments 7,768 4,653 Sale of financial investments 391,802 489,651 Cash advances and loans to third parties (1,500) - Cash in/out (-) from sale of subsidiaries, net of cash disposed 31,925 (1,339) Acquisition of financial assets held at fair value - (36,880) Net cash flows generated from investing activities 84,745 29,665 Payment of lease liabilities (1,011) (1,168) Net cash flows used in financing activities (1,011) (1,168) Increase/decrease (-) in cash and cash equivalents 45,127 (93,937) Cash and cash equivalents at beginning of the period 64,239 166,810 Increase/decrease (-) in cash and cash equivalents 45,127 (93,937) Effect of exchange rate differences on cash and cash equivalents (1,299) 499 Cash and cash equivalents at end of the period 108,067 73,372 Consolidated statements of changes in equity (unaudited) (thousands of €) Share capital Share premium account Translation differences Other reserves Accumulated losses Total On January 1, 2024 293,937 2,736,994 (1,201) (5,890) (228,274) 2,795,566 Net profit 90,220 90,220 Other comprehensive income 3,888 360 4,248 Total comprehensive income 3,888 360 90,220 94,468 Share-based compensation 4,974 4,974 On March 31, 2024 293,937 2,736,994 2,687 (5,530) (133,080) 2,895,008 On January 1, 2025 293,937 2,736,994 3,472 (3,158) (134,306) 2,896,939 Net loss (153,403) (153,403) Other comprehensive loss (533) (2,005) (2,538) Total comprehensive loss (533) (2,005) (153,403) (155,941) Share-based compensation 6,896 6,896 On March 31, 2025 293,937 2,736,994 2,939 (5,163) (280,813) 2,747,894 Attachment Galapagos Reports First Quarter 2025 Financial Results, Recent Business Highlights and Near-Term Catalysts Sign in to access your portfolio
Yahoo
08-04-2025
- Entertainment
- Yahoo
Who's in and Who's out at MSNBC as SpinCo Spin-Off Looms
MSNBC's final separation from the NBCUniversal News Group is fast approaching. As part of the temporarily titled SpinCo entity, both networks are rebuilding their staffs and newsgathering infrastructure. MSNBC alone is in the process of hiring more than 100 journalists, and is also on the hunt for new office and studio space. The move away from NBC News' home at 30 Rock also means that on-air talent that appeared on both networks have had to decide whether they'll remain with MSNBC or join NBC News. Here is a running list of the Newsers who will be part of MSNBC and those who are staying with NBC News after the SpinCo split. This list will be updated as new announcements are made. (All times cited are Eastern.) Rachel MaddowMaddow signed a deal to remain with MSNBC last fall. Currently appearing five nights a week for the first 100 days of the second Donald Trump administration, she'll shift back to a Monday-only schedule in May. Alex WagnerAlex Wagner Tonight was cancelled in a recent programming reshuffle, but Wagner will stay with MSNBC as a senior political analyst. Jen PsakiPsaki will inherit Wagner's former Tuesday-Friday 9 p.m. time slot in May. Katy Tur Katy Tur Reports expands by an hour, airing from 2 to 4 p.m. Chris Jansing Jansing will continue to anchor Chris Jansing Reports Weekdays from 12 to 2 p.m. Ana CabreraCabrera's weekday show expands by an hour from 10 a.m. to 12 p.m. Katie PhangPhang will lose her weekend show as a result of MSNBC eliminating its broadcast operations in Miami, but remains onboard as a legal correspondent. Antonia HyltonHylton moves from NBC News to MSNBC, where she will serve as a network correspondent and co-host of The Weekend's 6 p.m. edition. Elise JordanJordan leaves her role as an NBC News political analyst to join MSNBC as a network contributor and co-host of The Weekend's 6 p.m. edition. José Díaz-BalartDíaz-Balart's MSNBC show will cease airing as the network closes its Miami operations, but he will remain the anchor of NBC News' Weekend Nightly News. Steve KornackiFormerly a staple of MSNBC's Election Night coverage, Kornacki will be chief data analyst for NBC News and NBC Sports.
