2023-03-30 18:39:41 ET
- Belgian biotech Galapagos NV ( NASDAQ: GLPG ) on Thursday said it would transfer its drug discovery and research activities in Romainville, France to contract research organization NovAliX.
- NovAliX will assume GLPG's research capabilities while GLPG will retain flexibility to access "necessary expertise and resources" through a five year-collaboration agreement, the company said in a statement .
- The move by GLPG comes as part of its strategic reset announced in 2022. The deal is expected to close in July this year.
- GLPG's employees in Romainville will also be transferred to NovAliX.
- The company said the financial impact of the deal is included in its previously announced 2023 cash burn guidance in the range of €380M to €420M.
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Galapagos to transfer drug discovery and research activities in France to NovAliX