GLPG3667

May 06, 2026 — Galapagos NV (Euronext & NASDAQ: GLPG) reported Q1 2026 financial results and a business update, ahead of its rebrand to Lakefront Biotherapeutics (effective May 8, 2026; ticker to change to LKFT). The company expects to close in Q2 2026 a binding framework transaction with Gilead Sciences linked to Gilead’s acquisition of Ouro Medicines, under which Galapagos would assume substantially all Ouro operating assets and ~20 employees and collaborate on gamgertamig (OM336), a BCMAxCD3 T cell engager. Phase 1/2 studies are described as showing transformative efficacy and a differentiated safety profile after a single cycle in AIHA and ITP; OM336 has FDA Fast Track and Orphan Drug designations and could enter registrational studies as early as 2027.

Deal economics: Galapagos and Gilead will split the $1.675B upfront and up to $500M milestones; Gilead retains worldwide commercialization (outside KeyMed territories) while Galapagos would receive 20%–23% royalties on net sales. 2026 Ouro-related cash spend is guided to €775–790M; year-end 2026 cash/investments to €1.975–2.050B.

Q1 2026: net profit €14.5M (vs -€153.4M Q1 2025); cash/investments €2.982B at March 31, 2026. The CAR-T wind-down remains on track for substantial completion by Q3 2026 with €125–175M expected one-time cash costs.