Galapagos advances review of cell therapy unit as limited bids emerge

Belgian biotech Galapagos (Euronext: GLPG) said its board has received a small number of non-binding proposals to acquire its cell therapy business, mostly from financial investor consortia.

The company has set a deadline in the coming weeks for bidders to submit binding, fully financed offers. Galapagos expects to disclose the outcome by November 5, alongside its third-quarter results.

Galapagos had earlier abandoned plans to split into two entities, turning instead to a review of options for its cell therapy arm. The move comes as industry appetite for cell therapy assets has cooled, with Takeda (TYO: 4502) announcing on the same day that it will exit the field entirely. UK-based GSK (LSE: GSK) had already stepped back in 2023.