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Galapagos Soars on Potential $1.35 Billion Deal With Abbott

Feb. 29 (Bloomberg) -- Galapagos NV rose the most in three months in Brussels trading after Abbott Laboratories 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.

Link to Company News:{ABT US <Equity> CN <GO>} Link to Company News:{GLPG BB <Equity> CN <GO>}

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

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