Galapagos To Spin Off Innovative Medicines Business
1. Galapagos plans to spin off its innovative medicines division by mid-2025. 2. New entity SpinCo will focus on oncology, immunology, and virology. 3. Galapagos to reduce workforce by 40%, impacting around 300 jobs in Europe. 4. Gilead Sciences will hold about 25% in both Galapagos and SpinCo. 5. Shareholders will receive SpinCo shares proportionally based on current holdings.