Breaking News

Tweet TWEET

Galapagos Soars on Potential $1.35 Billion Deal With Abbott

Galapagos NV (GLPG) rose the most in three months in Brussels trading after Abbott Laboratories (ABT) agreed to pay $150 million for the rights to an experimental oral rheumatoid-arthritis drug currently known as GLPG0634.

Galapagos soared as much as 22 percent, the most in intraday trading since Nov. 22, and traded 2.34 euros higher at 13.18 euros by 9:18 a.m. Abbott also agreed to pay a license fee of $200 million upon successful completion of mid-stage clinical trials and Galapagos is eligible for milestone payments of as much as $1 billion as well as double-digit royalties on potential sales.

To contact the editor responsible for this story: John Martens at jmartens1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.