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Gilead Sciences (NASDAQ: GILD) announced that it will spend $ 5.1 billion to increase its stake in Galapagos (NASDAQ: GLPG) and conclude a 10-year global R & D partnership to develop and market its treatments .
Gilead says it will receive an exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside of Europe.
Gilead will pay 140.59 euros ($ 158.43) per new Galapagos share to raise its stake in the Belgian-Dutch company to 12.3 percent from 22 percent at present. Galapagos has announced it will seek the approval of its shareholders to allow Gilead to increase 29.9%.
The two companies have been collaborating on the development of a rheumatoid arthritis drug for more than three years, and Galapagos will obtain more extensive European commercial rights to this drug as part of the expanded collaboration.
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