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Galapagos' Long-Serving CEO Onno Van De Stolpe To Exit After R&D Setbacks

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  • After 22 years at the helm of Galapagos NV (NASDAQ: GLPG), chief executive Onno van de Stolpe has decided it is time to retire and hand the reins to new leadership.

  • He will stay in his role until a successor is found.

  • The company has kicked off a search for a new CEO. Van de Stolpe was a co-founder of Galapagos and has been CEO since it was formed in 1999.

  • His departure comes after a tricky period for Galapagos, which van de Stolpe alludes to in his retirement announcement, saying: "Despite recent setbacks, we continue to progress a deep pipeline of novel target-based compounds, while the commercial roll-out of our first approved product is underway,"

  • Galapagos is in the midst of launching its JAK1 inhibitor Jyseleca (filgotinib) for rheumatoid arthritis in Europe and Japan. However, the FDA rejected the drug as part of a wider investigation into the safety of the class.

  • The delay resulted in Galapagos' longstanding partner Gilead Sciences Inc (NASDAQ: GILD) abandon plans to develop the drug for rheumatoid arthritis in the US and handing back European marketing rights to Galapagos.

  • Last month, Galapagos' SIK inhibitor GLPG3970 failed two of three clinical trials.

  • Related Content: Galapagos SIK Inhibitor Fails To Show Positive Outcomes In Ulcerative Colitis, Rheumatoid Arthritis Patients.

  • Also Read: Galapagos, Gilead Sciences Pull Plug On Ziritaxestat Clinical Trials.

  • Price Action: GLPG shares are up 8.64% at $59.72 during the premarket session on the last check Tuesday.

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