- 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.
Raymond James Downgrades Pinnacle Finl Partners to Market Perform
Raymond James analyst David Long downgrades Pinnacle Finl Partners (NASDAQ:PNFP) from Outperform to Market Perform.
