((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Added CFO quote to paragraph 3, outlook to paragraph 4, and layoffs to paragraph 5)
Dutch pharmaceutical company Galapagos GLPG.AS said on Wednesday it plans to split into two publicly traded entities by mid-2025, creating a new company focused on innovative medicines.
The demerged part of the company, which will be named at a later date, will be listed on Euronext after the demerger, Galapagos said in a press release.
“The proposed separation is intended to help investors more easily assess the merits and future prospects of the two separate businesses, allowing them to invest in each based on their own strategy,” Thad said. Huston, financial director of Galapagos.
After the reorganization, the group expects its normalized annual cash outflows to be between 175 million and 225 million euros ($181 million and $233 million), excluding restructuring costs.
The reorganization should lead to the elimination of around 300 positions in Europe, or around 40% of the group’s workforce. (1 dollar = 0.9669 euros)
