Galapagos (GLPG) Collaboration summary

Opening remarks and agenda

• Conference call began with reminders about forward-looking statements and the scope of the discussion, including the new collaboration agreement and its expected benefits.

• Executive team members and their roles were introduced, with additional leaders joining for the Q&A session.

• Q&A session held at the end of the conference call.

Deal rationale and strategic fit

• Collaboration formalizes joint development of a first-in-class BCMA x CD3 T cell engager for autoimmune diseases, leveraging both parties' strengths in late-stage development and commercialization.

• The partnership brings a differentiated, clinically de-risked asset with multi-billion-dollar revenue potential and broad application in high unmet-need indications.

• Enhances capabilities and pipeline, with Gilead's late-stage development and commercial expertise reducing operational risk.

• Aligns with a focus on immunology and oncology, supporting long-term, value-accretive growth and future strategic transaction opportunities.

• The transaction brings a high-potential clinical asset into the portfolio while preserving significant cash for future opportunities and capital allocation flexibility.

Objectives of the partnership

• Entered a binding agreement to co-develop Gamgertamig, a BCMA x CD3 T-cell engager for autoimmune diseases.

• Aimed to leverage a clinically de-risked asset and expand into additional autoimmune indications.