Galapagos: Positive news for Galapagos with GSK entering phase II with another JAK1
BUY, Fair Value EUR22.5 vs. EUR21.5 (+25%)
When the Galapagos share was suspended in the middle of trading, we, like many investors, imagined a number of scenarios. The news announced was definitely not on the list but it is bottom line positive news. GSK announced the start of phase II studies with a JAK1 compound called GSK2586184 in two indications: systemic lupus erythematosus (SLE) and chronic plaque psoriasis. We have increased our probability of success for this project to 20% and raised our Fair Value to EUR22.5.
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