An affiliate of Gilead Sciences (NASDAQ:GILD) has notified Galapagos NV (NASDAQ:GLPG) that it will exercise the Initial Warrant A, approved by GLPG shareholders on October 22, allowing Gilead to increase its ownership stake to over 25%.
Under the terms of the warrant, Gilead will subscribe for 2,617,791 new shares at €140.59 per share for a total of €368,035,236.69, raising its ownership to 16,207,477 GLPG shares, representing 25.1% of the 64,571,622 shares expected to be outstanding after exercise.
Gilead upped its stake from 12.3% to 22% in July in conjunction with its 10-year R&D deal with GLPG.
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