Galapagos nears decision on cell therapy unit sale amid investor interest

Galapagos will decide by Nov. 5 whether to sell its cell therapy business after receiving non-binding offers, mostly from financial investor groups.

Why it matters: The decision marks a pivotal moment in Galapagos’ restructuring, potentially shifting the future of its once-prized cell therapy division and signaling the biotech’s broader strategic direction.

Backstory: Galapagos, once a rising biotech star, partnered with Gilead in 2015, which led to a $5.1B deal in 2019. But following R&D failures led to a sharp stock decline. After announcing a spinout of its cell therapy business earlier this year, Galapagos reversed course and began exploring a full divestiture.

Zoom in: Galapagos shares rebounded from a low of ~$23 in early 2025 to ~$35 following leadership changes and strategic shifts.

Big picture: Galapagos’ move reflects a broader biotech trend of strategic restructurings and private equity interest amid market volatility. Other biotechs like Bluebird bio and Bavarian Nordic have also been targets of recent take-private deals.

What’s next: The outcome of the sale process will be revealed with Q3 earnings on Nov. 5.