Galapagos NV GLPG is reportedly looking for M&A deals with companies with products still in the preclinical or early stage of development.
The former chief scientific officer of Johnson & Johnson JNJ took the reins at the struggling Belgian biotech this year.
Paul Stoffels is on a “mission,” Financial Times reported, to reinstate Galapagos as a top European biotech player.
Financial Times said Stoffels is looking for companies with good drugs that had not yet reached human trials or were in the early stages that Galapagos could accelerate to market.
After the worst biotech sell-off since the early 2000s, he said valuations were starting to appear attractive.
“We won’t buy a phase 3 and compete with Pfizer, Amgen, and AbbVie, that’s not what we can do,” the report added, citing Stoffels.
Since Stoffels took over as chief executive in April, he has done two small deals as part of his plan to expand CAR-T technology inside hospitals.
Galapagos bought Cellpoint and AboundBio, for a combined €225 million, propelling into next-generation cell therapy.
Galapagos will install its manufacturing capabilities in 10 European hospitals this year, and up to 20 next year, when it will also launch in the U.S.
Price Action: GLPG shares closed lower by 0.97% at $39.67 on Monday.
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