Dan O’Day’s $5B deal with Galapagos implodes as PhIII trials collapse
Gilead’s battle-scarred alliance with Galapagos just suffered another grievous wound.
The biotech partners reported Wednesday morning that they are abandoning their late-stage pivotal program for ziritaxestat (GLPG1690) — along with everything else in the clinic — after the drug failed a futility analysis, the latest in a series of big setbacks to afflict these players.
This drug was at the heart of Dan O’Day’s revised alliance with Galapagos back in the summer of 2019, as the then newly-named Gilead CEO looked to diversify the pipeline and satisfy analysts’ demands for a broader product portfolio with what he called a “transformative” pact. Gilead paid close to $5 billion in an upfront and equity investment for that deal, which now largely lies in ruin.
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