Galapagos is a Belgian biotech company in the midst of a fundamental pivot — from drug developer to biotech capital allocator. The company holds roughly €3B in cash, built primarily from a 2019 collaboration with Gilead Sciences under which Gilead paid $3.95B upfront in exchange for opt-in rights to Galapagos' clinical programs outside Europe. Galapagos is now deploying that cash to acquire or license late-stage, clinically de-risked drug programs, primarily in oncology and immunology and inflammation. The plan is to develop acquired programs to proof-of-concept, at which point Gilead can opt in under the existing framework, paying an upfront fee and taking on ex-Europe development and commercialization while Galapagos retains European rights and royalties. After winding down its cell therapy business in early 2026 and selling its Jyseleca European commercial operations to Alfasigma in 2024, Galapagos will operate as a lean team of roughly 35–40 people focused entirely on business development. Its sole remaining pipeline asset is GLPG3667, an oral TYK2 inhibitor in immunology, which Galapagos is looking to out-license rather than develop independently. Near-term cash flows come from interest on its cash balance, royalties from Gilead and Alfasigma on Jyseleca sales, and European tax credits. The Gilead partnership — which expires around late 2029 — is central to the strategy, as Gilead's co-investment capacity allows Galapagos to pursue larger deals than it could execute alone.