Galapagos: Feedback from Roadshow with CEOBUY, Fair Value EUR52 (+34%)
We hosted GLPG with the CEO, the main topic being the ability of the company to ink in a deal by the year end. While it is more than clear now that ABBV’s decision has been economically driven and that a new partner will not face the same issues the big pharma raised, we reiterate our BUY rating ahead of major catalysts. The latters might be the opportunity for GLPG to partner its leading product with better economics but mainly for the development of the CF franchise with several compounds expected to reach the clinic by the end of 2016.
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