Galapagos Looks For Acquisition Targets
- Galapagos NV is reportedly looking for M&A deals with companies with products still in the preclinical or early stage of development.
- The former chief scientific officer of Johnson & Johnson took the reins at the struggling Belgian biotech this year.
- Paul Stoffels is on a "mission," Financial Times reported, to reinstate Galapagos as a top European biotech player.
- Financial Times said Stoffels is looking for companies with good drugs that had not yet reached human trials or were in the early stages that Galapagos could accelerate to market.
- After the worst biotech sell-off since the early 2000s, he said valuations were starting to appear attractive.
- "We won't buy a phase 3 and compete with Pfizer, Amgen, and AbbVie, that's not what we can do," the report added, citing Stoffels.
- Since Stoffels took over as chief executive in April, he has done two small deals as part of his plan to expand CAR-T technology inside hospitals.
- Galapagos bought Cellpoint and AboundBio, for a combined €225 million, propelling into next-generation cell therapy.
- Galapagos will install its manufacturing capabilities in 10 European hospitals this year, and up to 20 next year, when it will also launch in the U.S.
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