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Galapagos NV: Galapagos and Gilead complete closing of their global collaboration for filgotinib

Mechelen, Belgium and Foster City, CA, USA, 19 January 2016 -
Galapagos NV (Euronext&NASDAQ: GLPG) and Gilead Sciences, Inc. (NASDAQ: GILD)
announced today the closing and entry into force of their global license and
collaboration agreement on filgotinib.

Under the terms of the agreement, the closing of this transaction triggers an
upfront license fee payment of $300 million by Gilead to Galapagos. In
addition, Gilead has made a $425 million (or €392 million) equity investment
in Galapagos by subscribing for new shares at a price of €58 per share,
including issuance premium. As a result, Gilead now owns 6,760,701 ordinary
shares of Galapagos, representing 14.75 percent of the currently outstanding
share capital of Galapagos.

In accordance with Belgian transparency legislation[1], Galapagos notes that
its total share capital currently amounts to €247,964,249.63; the total
number of securities conferring voting rights is 45,837,043, 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 2,800,692, which equals the total number of
voting rights that may result from the exercise of these warrants (but
excludes the 700,000 warrants of Warrant Plan 2015 (B) and Warrant Plan 2015
RMV which were created on 21 December 2015, subject to acceptances).
Galapagos does not have any convertible bonds or shares without voting rights

About the Collaboration

Galapagos and Gilead entered into a collaboration for the global development
and commercialization of filgotinib in inflammatory diseases in December
2015. Under the terms of the agreement, the companies will collaborate
jointly on the global development of filgotinib starting with the initiation
of Phase 3 trials in rheumatoid arthritis (RA). Galapagos will co-fund 20
percent of global development activities and Gilead will be responsible for
manufacturing and worldwide marketing and sales activities. Galapagos has
the option to co-promote filgotinib in the UK, Germany, France, Italy, Spain,
Belgium, the Netherlands and Luxembourg, in which case the companies will
share profits equally. If Galapagos exercises its option to co-promote in
Belgium, the Netherlands or Luxembourg, it will also book sales in these
countries. Galapagos is entitled to an upfront payment of $725 million under
the collaboration agreement, consisting of a license fee of $300 million and
a $425 million equity investment in Galapagos. In addition, Galapagos is
eligible for payments of up to $1.35 billion in milestones, with tiered
royalties starting at 20% and a profit split in co-promotion territories.

About Galapagos

Galapagos(Euronext&NASDAQ: GLPG) is a clinical-stage biotechnology company
specialized in the discovery and development of small molecule medicines with
novel modes of action. Our pipeline comprises three Phase 2, four Phase 1,
five pre-clinical, and 20 discovery studies in cystic fibrosis, inflammation,
fibrosis, osteoarthritis and other indications. We have discovered and
developed filgotinib: in collaboration with Gilead we aim to bring this
JAK1-selective inhibitor for inflammatory indications to patients all over
the world.

Galapagos is focused on the development and commercialization of novel
medicines that will improve people's lives. The Galapagos group, including
fee-for-service subsidiaryFidelta, has approximately 400 employees, operating
from its Mechelen, Belgium headquarters and facilities in The Netherlands,
France, and Croatia. More information atwww.glpg.com.

About Gilead

Gilead Sciences is a biopharmaceutical company that discovers, develops and
commercializes innovative therapeutics in areas of unmet medical need. The
company's mission is to advance the care of patients suffering from
life-threatening diseases worldwide. Gilead has operations in more than 30
countries worldwide, with headquarters in Foster City, California.

Galapagos Contacts

Investors: Media:

Elizabeth Goodwin Evelyn Fox
VP IR&Corporate Communications Director Communications
+1 781 460 1784 +31 6 53 591 999

Gilead Contacts

Investors: Media:

Patrick O'Brien Michele Rest

Tel: +1 650 522 1936 +1 650 577 6935
patrick.o'brien@gilead.com michele.rest@gilead.com

Galapagos Forward-Looking Statements

This release may contain forward-looking statements, including statements
regarding the timing of the receipt of the $300 million upfront license fee
payment and the amount and timing of other potential future milestone and/or
royalty payments by Gilead, the future collaboration with Gilead, the
expexted timing and design of ongoing and planned clinical trials with
filgotinib, and the further development and commercialization of filgotinib.
Galapagos cautions the reader that forward-looking statements are not
guarantees of future performance. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which might cause the
actual results, financial condition and liquidity, performance or
achievements of Galapagos, or industry results, to be materially different
from any historic or future results, financial conditions and liquidity,
performance or achievements expressed or implied by such forward-looking
statements. In addition, even if Galapagos' results, performance, financial
condition and liquidity, and the development of the industry in which it
operates are consistent with such forward-looking statements, they may not be
predictive of results or developments in future periods. Among the factors
that may result in differences are the inherent uncertainties associated with
competitive developments, clinical trial and product development activities
and regulatory approval requirements (including that data from Galapagos' and
Gilead's ongoing clinical research programs with filgotinib may not support
registration or further development of filgotinib due to safety, efficacy or
other reasons), Galapagos' reliance on collaborations with third parties
(including the performance by Gilead under the global license and
collaboration agreement on filgotinib), and estimating the commercial
potential of our product candidates. A further list and description of these
risks, uncertainties and other risks can be found in the company's Securities
and Exchange Commission filing and reports, including in the company's
prospectus filed with the Securities and Exchange Commission on May 14, 2015
and subsequent filings and reports filed by the company with the Securities
and Exchange Commission. Given these uncertainties, the reader is advised
not to place any undue reliance on such forward-looking statements. These
forward-looking statements speak only as of the date of publication of this
document. Galapagos expressly disclaims any obligation to update any such
forward-looking statements in this document to reflect any change in its
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based or that may affect the
likelihood that actual results will differ from those set forth in the
forward-looking statements, unless specifically required by law or

Gilead Forward-Looking Statement

This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that are subject to
risks, uncertainties and other factors, including
risks that the parties will be unable to develop and commercialize
for the treatment of rheumatoid arthritis or any other indications. These
risks, uncertainties and other factors could cause actual results to differ
materially from those referred to in the forward-looking statements. The
reader is cautioned not to rely on these forward-looking statements. These
and other risks are described in detail in Gilead's Quarterly Report on Form
10-Q for the quarter ended September 30, 2015, as filed with the U.S.
Securities and Exchange Commission. All forward-looking statements are based
on information currently available to Gilead, and Gilead assumes no
obligation to update any such forward-looking statements.
---------------------------------------[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

Galapagos and Gilead complete closing of collaboration for filgotinib


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Galapagos NV via Globenewswire


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