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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Gilead Sciences    GILD

GILEAD SCIENCES

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Gilead Sciences : AND GALAPAGOS COMPLETE CLOSING OF THEIR TRANSFORMATIVE RESEARCH AND DEVELOPMENT COLLABORATION

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08/26/2019 | 08:30am EDT

Gilead Sciences, Inc. (NASDAQ: GILD) and Galapagos NV (Euronext & NASDAQ: GLPG) today announced the closing of the global research and development collaboration agreement signed on 14 July 2019.

This agreement has received clearance from the U.S. Federal Trade Commission under the Hart-ScottRodino Antitrust Improvements Act of 1976 and merger control approval from the Austrian Federal Competition Authority. Under the terms of the agreement, the closing of this transaction triggers an upfront license fee payment of $3.95 billion by Gilead to Galapagos. In addition, Gilead has made an equity investment in Galapagos of approximately $1.1 billion (or approximately EUR960 million) by subscribing for new shares at a price of EUR140.59 per share, including issuance premium. As a result, Gilead now owns 13,589,686 ordinary shares of Galapagos, representing approximately 22 percent of the currently outstanding share capital of Galapagos. 'We are excited to close this unique agreement, which will generate both long-term strategic value and mutual, immediate benefits,' said Daniel O'Day, Chairman and Chief Executive Officer of Gilead. 'The collaboration reflects Gilead's intent to grow our innovation network through diverse and creative partnerships.' 'This agreement is about maximizing innovation based on developing new mode of action medicines. With the capital provided by Gilead, we aim to progress innovation to patients,' said Onno van de Stolpe, Chief Executive Officer of Galapagos.

In accordance with Belgian transparency legislation1 , Galapagos notes that its total share capital currently amounts to EUR333,479,569.76; the total number of securities conferring voting rights is 61,652,086, which is also the total number of voting rights (the 'denominator'), and all securities conferring voting rights and all voting rights are of the same category. The total number of rights (warrants) to subscribe to not yet issued securities conferring voting rights is 5,958,292, which equals the total number of voting rights that may result from the exercise of these warrants. Galapagos does not have any convertible bonds or shares without voting rights outstanding.

About Galapagos

Galapagos (Euronext & NASDAQ: GLPG) discovers and develops small molecule medicines with novel modes of action, three of which show promising patient results and are currently in late-stage development in multiple diseases. The company's pipeline comprises Phase 3 through to discovery programs in

1 Belgian Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market

August 23, 2019 Page 2

inflammation, fibrosis, osteoarthritis and other indications. Galapagos' ambition is to become a leading global biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines. More information at www.glpg.com.

About Gilead Sciences

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines in areas of unmet medical need. The company strives to transform and simplify care for people with life-threatening illnesses around the world. Gilead has operations in more than 35 countries worldwide, with headquarters in Foster City, California. For more information on Gilead Sciences, please visit the company's website at www.gilead.com.

Galapagos Contacts

Investors: Media:

Elizabeth Goodwin Carmen Vroonen

VP IR Senior Director Communications

+1 781 460 1784 +32 473 824 874

Sofie Van Gijsel Evelyn Fox

Director IR Director Communications

+32 485 19 14 15 +31 6 53 591 999

ir@glpg.com communications@glpg.com

Gilead Contact

Investors: Media:

Sung Lee Amy Flood

+1 (650) 524-7792 +1 (650) 522-5643

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
GALAPAGOS 0.20% 147 Delayed Quote.82.04%
GILEAD SCIENCES 1.22% 65.3 Delayed Quote.4.40%
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Financials (USD)
Sales 2019 22 345 M
EBIT 2019 11 662 M
Net income 2019 4 272 M
Finance 2019 649 M
Yield 2019 3,86%
P/E ratio 2019 18,5x
P/E ratio 2020 11,4x
EV / Sales2019 3,67x
EV / Sales2020 3,62x
Capitalization 82 700 M
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Number of Analysts 28
Average target price 80,29  $
Last Close Price 65,30  $
Spread / Highest target 45,5%
Spread / Average Target 23,0%
Spread / Lowest Target -8,12%
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Managers
NameTitle
Daniel O'Day Chairman & Chief Executive Officer
Robin L. Washington CFO, Chief Accounting Officer & Executive VP
George Pratt Shultz Director-Emeritus
Gayle Edlund Wilson Independent Director
John Francis Cogan Lead Independent Director
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