Galapagos CEO Paul Stoffels to step down amid strategic overhaul

BELGIUM – Paul Stoffels, the former Johnson & Johnson executive who took the helm at Galapagos in 2022, is set to depart from his role as CEO, marking a significant leadership change for the Belgian biotech firm.

Stoffels’ exit comes as Galapagos undergoes a strategic restructuring, splitting into two separate entities. ​

Stoffels will remain in his position for the next 12 months to ensure a smooth transition while the company searches for his successor.

Additionally, the board plans to nominate him for a four-year term as chairman at the 2026 annual general meeting. ​

The company’s restructuring involves the creation of a spin-off, temporarily named XYZ SpinCo, which will be led by Henry Gosebruch, former CEO of Neumora and a seasoned dealmaker from AbbVie.

SpinCo will manage €2.45 billion (US$ 2.8 billion) in cash from Galapagos’ previous partnership with Gilead Sciences, aiming to build a new pipeline of medicines with proof-of-concept data and potential to surpass existing treatments. ​

Stoffels joined Galapagos with a mission to revitalize the company following a series of clinical setbacks.

Under his leadership, Galapagos shifted focus towards cell therapy, acquiring CellPoint and Abound Bio in 2022. Despite these efforts, the company’s lead clinical program remains in Phase II, and financial challenges persist. ​

In a statement, Stoffels expressed pride in transforming Galapagos into an R&D-driven biotech with a clear focus on oncology.

However, the company has also attracted activist investor Kevin Tang, who has acquired over 5% of Galapagos’ shares, signaling potential changes ahead. ​