Belgium-based, corporate-backed biotechnology company Galapagos, which is already listed on Euronext Brussels and Euronext Amsterdam, has filed for a $150m initial public offering on Nasdaq.
Galapagos’ shareholders include pharmaceutical company Johnson & Johnson (which currently holds a 7.6% stake), financial services conglomerate Capital Group (5%), and Van Herk Investments, the venture capital unit of residential, retail and commercial real estate company Van Herk Groep (5.1%).
Galapagos is developing treatments for cystic fibrosis, a genetic disorder affecting the lungs and leading to breathing difficulties, and inflammatory diseases such ulcerative colitis. It currently has several drug candidates in Phase 1 and Phase 2 clinical trials.
The company also expects to offer ordinary shares outside the US and Canada in a concurrent private placement. Proceeds will be used to support several drug candidates through Phase 2 clinical trials and to strengthen its pre-clinical stage pipeline.
Morgan Stanley, Credit Suisse, and Cowen and Company are serving as joint book-running managers for the IPO, while Nomura and Bryan, Garnier and Company are acting as co-managers.