- Galapagos NV GLPG is reportedly seeking M&A deals with companies whose products are still in the preclinical or early development stages.
- The former scientific director of the Johnson&Johnson JNJ took over the reins of the ailing Belgian biotech company earlier this year.
- Paul Stoffels is on a ‘mission’, Financial Times reportedto re-establish Galapagos as a leading European biotech player.
- According to the Financial Times, Stoffels is looking for companies with good drugs that haven’t reached human trials yet or are in the early stages where Galapagos could accelerate time to market.
- After the worst biotech sell-off since the early 2000s, valuations started to look attractive.
- “We’re not going to buy Phase 3 and compete with Pfizer, Amgen and AbbVie, we can’t,” the report added, citing Stoffels.
- Since taking over as CEO in April, Stoffels has made two small deals as part of his plan to expand CAR-T technology in hospitals.
- Galapagos bought Cellpoint and AboundBio, for a total of 225 million euroson the way to next-generation cell therapy.
- Galapagos will install its manufacturing capabilities in 10 European hospitals this year and up to 20 next year when it also launches in the US
- Price promotion: GLPG shares closed 0.97% lower at $39.67 on Monday.
- Photo via company
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