Galapagos does not want to be acquired; looking at opportunities (translated)
Galapagos, the Belgian-Dutch pharma company, wants to remain independent and is looking at takeover opportunities, CEO Onno van de Stolpe said in an extensive interview with Het Financieele Dagblad about the company's M&A stance.
Galapagos wants to remain as a standalone business, Van de Stolpe reiterated in the interview. The company aims to independently sell its drugs in several years, which would make it an independent pharma business.
Galapagos' culture is different from other pharma businesses, Van de Stolpe said, as the company has a much stronger focus on innovation, compared to competitors. In addition, the company does not need to be acquired by a bigger firm, the CEO remarked in the item.
In recent weeks, there was speculation of an acquisition of Galapagos by US pharma company Gilead, however Gilead is bound by a standstill agreement, meaning it can not acquire the business in the near term, the item noted.
Gilead had raised the topic of an acquisition once, last year, Van de Stolpe said, but it wasn't discussed afterwards anymore. However, Van de Stolpe indicated Gilead probably remains interested in Galapagos, the report said.
When asked about the expiration of the standstill agreement with Gilead, Van de Stolpe said he would not publicly disclose this information. The standstill agreement will cease when another company makes a bid on Galapagos, then Gilead is allowed to make a counterbid, the CEO said, according to the report.
When asked whether Galapagos would favor an acquisition if a bidder would offer a very high premium, Van de Stolpe refrained from commenting.
Galapagos is actively looking at takeovers, Van de Stolpe said, as per the report. Galapagos has about EUR 1bn in cash, the item added.