Galapagos NV (GLPG), a bio-pharmaceutical company, Tuesday said it entered into a deal to sell its Jyseleca business to Italian pharma company Alfasigma.
As per the terms of the agreement, Michele Manto the Chief Commercial Officer of the company has resigned and will be joining Alfasigma in the same capacity.
The agreement follows the signing of the letter of intent on October 30,2023.
The transaction is expected to provide savings to Galapagos to the tune of 150 million to 200 million euros, helping it prioritize investments in its existing technology platforms of small molecules, CAR-T cell therapies and biologics.
Alfasigma will be acquiring the entire Jyseleca business, including the European and UK Marketing Authorizations, the commercial, medical affairs and development activities as well as around 400 Galapagos positions in 14 European countries.
In turn, Galapagos will receive a 50-million-euro payment upfront and a 120-million-euro sales-based milestone payment along with mid-double-digit royalties on European sales.
The company will contribute up to 40 million euros to Alfasigma related to developmental activities by June 2025.
On Friday, Galapagos shares closed at $38.70, down 4.80% on the Nasdaq in the after hours.
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