US public offering

USD 345 million
Co-manager
;

Galapagos

Co-manager

Kempen is pleased to announce that it acted as Co-Manager to Galapagos in its USD 345 million public offering

Transaction highlights

  • The transaction comprised of 2,961,373 American Depositary Shares (ADSs) at a price of USD 116.50 per ADS. Each ADS represents the right to receive one ordinary share
  • Gross proceeds amount to USD 345 million following the option to purchase additional ADSs was exercised in full and will be used to, amongst others, fund new and ongoing research and development activities, additional pipeline development, early commercialization activities for filgotinib, and general corporate purposes
  • The orderbook was well oversubscribed, with highly concentrated allocations
  • This is the first US transaction in which Kempen acted as an underwriter after obtaining the license to do so less than two months ago. With Kempen leading Galapagos’ Euronext IPO back in 2005 and us teaming up for their latest US transaction now, we have come full circle. This also marks the largest transaction ever executed by the Kempen Life Sciences team
  • This transaction marks Kempen’s eight Life Sciences transaction this year and the second US Life Sciences & Healthcare ECM transaction in a one week period

Company description

Galapagos is a clinical-stage biotechnology company specialised in the discovery and development of small molecule medicines with novel modes of action. Its pipeline comprises Phase 3, 2, 1, pre-clinical studies and discovery small-molecule and antibody programs in cystic fibrosis, inflammation, and other indications. Its main product is filgotinib, which shows very positive Phase 3 clinical results for rheumatoid arthritis, Crohn's disease and ulcerative colitis and which is partnered with Gilead Sciences. The Galapagos group, including fee-for-service subsidiairy Fidelta, has approximately 675 employees, operating from its Mechelen, Belgium headquarters and facilities in The Netherlands, France, Switzerland, the US and Croatia. In the first half of 2018 Galapagos generated €101.9m in revenue and on 30 Jun 2018 it had €1,067m in cash and cash equivalents.

Contact

Jan De Kerpel
Thomas ten Hoedt

Transactions