Davis Polk advised the several underwriters, in connection with Galapagos NV’s global offering of 7,532,499 of its ordinary shares. The offering consisted of an underwritten public offering of 5,746,000 ordinary shares in the form of American Depositary Shares (“ADSs”) and a concurrent private placement in Europe and countries outside of the United States and Canada of 1,786,499 ordinary shares. The global offering resulted in gross proceeds to Galapagos of approximately €278.7 million ($316.7 million), making this the largest initial U.S. biotech offering in at least 15 years based on proceeds raised. The ordinary shares are listed on Euronext Amsterdam and Euronext Brussels under the symbol “GLPG” and the ADSs are listed on the NASDAQ Global Select Market under the symbol “GLPG.”

Galapagos is a clinical-stage biotechnology company specializing in the discovery and development of small molecule medicines with novel modes of action, with a pipeline composed of three Phase 2 programs, two Phase 1 trials, five pre-clinical studies and 20 discovery small-molecule and antibody programs in cystic fibrosis, inflammation and other indications.   

The Davis Polk corporate team included partner Richard D. Truesdell Jr., counsel Derek Dostal and associates Courtney Collins, Jennifer (Yujia) Jiang and Can Sun. The intellectual property team included associates Natalie A. Thomas and Gary T. Lo. Partner Kathleen L. Ferrell provided tax advice. The environmental team included counsel Loyti Cheng and associate Michael Comstock. All members of the Davis Polk team are based in the New York office.

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