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Pharma firm Gilead to raise Galapagos stake in $5.1 billion deal - report

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Pharma firm Gilead to raise Galapagos stake in $5.1 billion deal - report
A Gilead Sciences, Inc. logo is seen outside the company headquarters in Foster City, California, U.S. May 1, 2018. REUTERS/Stephen Lam   -   Copyright  STEPHEN LAM(Reuters)
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(Reuters) – Gilead Sciences Inc <GILD.O> will increase its stake in Galapagos NV <GLPG.AS> and gain rights outside Europe to the Belgian-Dutch biotech firm’s treatments in development in a $5.1 billion deal, the Wall Street Journal reported on Sunday.

U.S. drugmaker Gilead will invest $1.1 billion, or 140.59 euros (126.01 pounds) per share to increase its stake in Galapagos to 22% from 12.3%, and make a separate $3.95 billion payment to Galapagos, WSJ said.

The terms of the deal, including the research collaboration, are set to be announced on Sunday, the Journal added.

(Reporting by Ismail Shakil in Bengaluru, Editing by Rosalba O’Brien)

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