Gilead’s $5.1B Galapagos deal threads the needle between M&A and licensing

The structure of Gilead’s partnership with Galapagos gives the U.S. biotech access to all of Galapagos’ programs, without the brain drain that followed its acquisition of Kite.

Human capital was the driver behind Gilead Sciences Inc.’s decision to stop short of acquiring the inflammation and fibrosis company, and instead enter a 10-year option agreement covering nearly all of Galapagos N.V.’s current and future pipeline programs. ...