Galapagos Initiates Closure of its Cell Therapy Operations
The biotechnology group Galapagos announced on January 5th the decision of its board of directors to commence the closure of its cell therapy operations, following the completion of consultations with the works councils in Belgium and the Netherlands.
According to the press release, Galapagos management had announced on October 21, 2025, its intention to terminate its cell therapy operations after a thorough strategic review and a divestiture process that included exploring potential divestiture options. This decision was subject to consultation with the works councils in Belgium and the Netherlands, which has now been completed. CEO Henry Gosebruch indicated that the group will now focus on executing this closure and seek to continue Galapagos' evolution through transformative business development operations.
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The company stated that this closure will affect approximately 365 employees across Europe, the United States, and China. It will lead to the shutdown of sites in Leiden in the Netherlands, Basel in Switzerland, Princeton and Pittsburgh in the United States, and Shanghai in China. Following the completion of this operation, the remaining organization of Galapagos will be repositioned for long-term growth through transformative business development. The group will maintain a dedicated presence at its headquarters in Mechelen, Belgium, as well as its offices in Chicago and San Francisco in the United States.
Continuation of Non-Cell Therapy Activities
According to the press release, non-cell therapy activities, including the TYK2 GLPG3667 program, will continue to be managed by Galapagos. The company indicates that it will evaluate all strategic alternatives for GLPG3667, including resuming its partnership process, to accelerate development in dermatomyositis and potentially other severe autoimmune indications. As of December 31, 2025, Galapagos had approximately 3.0 billion euros in cash, cash equivalents, and financial investments. The group will provide an update regarding the estimated timetable and potential costs associated with the closure, expected to be in a range similar to that previously indicated, as well as forward-looking financial forecasts during the publication of its 2025 annual results on February 23, 2026, and its conference call on February 24, 2026.
SectorPharmacie et biotechnologies›Biotechnologies
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 18,6 millions d'euros
Quarterly revenue: 18,6 millions d'euros
Revenue growth: -86,7 %
Net income: 16,6 millions d'euros
Guidance from the release
Maintain year-end 2026 cash guidance of ~€2B, forecast at least €1.6B remaining after portfolio funding
Risks mentioned
Wind-down of cell therapy activities remains ongoing with completion expected by Q3 2026, representing significant portfolio contraction and operational disruption
Collaboration revenues declined 96% year-over-year to €4.5M (from €121.8M in H1 2025) due to full deferred revenue recognition from Gilead platform agreement in 2025
Heavy dependence on gamgertamig development success and regulatory approval timeline; clinical development delays or unfavorable data could materially impact capital allocation and company viability
Opportunities identified
Acquisition of Ouro Medicines completed in June 2026, combining Lakefront and Gilead teams to accelerate gamgertamig development with expected additional proof-of-concept basket studies in autoimmune indications during 2027
Gamgertamig has received Fast Track and Orphan Drug Designation from FDA for AIHA and ITP, with registrational studies expected to commence in 2027
Lakefront maintains strong capital position with €2.24B in cash and investments as of June 30, 2026, providing substantial dry powder (€1.6B minimum) for strategic transactions after portfolio funding to first approval
Outlook / guidance
Expected revenue: 2 013 millions d'euros
Management commentary: Maintain year-end 2026 cash and financial investments balance guidance of ~€2B, and now includes €50M share repurchase. Lakefront forecasts having at least €1.6 billion of its cash remaining for additional strategic transactions and other capital allocation priorities.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
