SCHEDULE: EcoR1 Capital Boosts Stake in Galapagos NV to 13.22%

EcoR1 Capital, LLC and its affiliated funds have significantly increased their beneficial ownership in Galapagos NV to 13.22% through recent open market purchases of American Depositary Shares and Ordinary Shares.

Summary

• EcoR1 Capital, LLC and Oleg Nodelman now beneficially own an aggregate of 8,714,522 shares of Galapagos NV, representing approximately 13.22% of the outstanding shares.
• This ownership includes shares held by EcoR1 Capital Fund Qualified, L.P. (8,192,077 shares or 12.43%) and EcoR1 Capital Fund, L.P. (522,445 shares or 0.79%).
• The reported shares consist of both ordinary shares and American Depositary Shares (ADSs), where each ADS represents one ordinary share.
• The aggregate purchase price for these shares by the funds was $399,380,734.97, including fees and expenses, excluding ADS conversion fees.
• An additional $293,693.40 was paid in fees to Citibank, N.A. for the conversion of certain ADSs to ordinary shares.
• All purchases were made through open market transactions on NASDAQ and Euronext between June 13, 2025, and July 28, 2025.
• The percentage ownership is based on 65,897,071 ordinary shares outstanding as of December 31, 2024, as reported in Galapagos NV's Form 20-F.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a prominent investment firm like EcoR1 Capital is a strong positive signal, indicating high confidence in the company's value and future prospects.

Positives

• A significant increase in beneficial ownership by a prominent investment firm, EcoR1 Capital, signals strong confidence in Galapagos NV's future prospects.
• The substantial investment of over $399 million demonstrates a long-term commitment from a major institutional investor.

Future Outlook

No forward-looking statements or guidance are provided in this filing, as it primarily details changes in beneficial ownership.

Industry Context

This filing indicates a significant increase in a major institutional investor's stake in Galapagos NV, a common occurrence in the biotechnology and pharmaceutical sectors where long-term investments by specialized funds are prevalent. Such moves often reflect an investor's conviction in the company's pipeline, strategic direction, or market potential, potentially signaling a positive outlook within the broader industry.

Comparison to Industry Standards

• Not applicable, as this filing primarily details changes in beneficial ownership by an investment firm, rather than operational or financial results of the issuer that could be benchmarked against industry peers.

Stakeholder Impact

• Shareholders: Increased institutional ownership by a reputable firm may boost investor confidence and potentially stabilize or increase share price.
• Employees, Customers, Suppliers, Creditors: No direct impact is immediately apparent from this ownership filing.

Next Steps

• No specific future actions or milestones are mentioned by the reporting persons in this filing, which focuses on past transactions and current ownership.

Key Dates

Recommendation

The substantial increase in beneficial ownership by EcoR1 Capital, a specialized investment firm, to over 13% of Galapagos NV's outstanding shares, signals a strong conviction in the company's long-term value proposition. This aggressive accumulation of shares, totaling nearly $400 million in recent purchases, suggests that a sophisticated investor sees significant upside potential, making it a compelling 'strong buy' signal for other investors.

Keywords

Galapagos NV, EcoR1 Capital, Schedule 13D, Beneficial Ownership, ADS, Ordinary Shares, NASDAQ, Euronext, Institutional Investment, Biotechnology, Pharmaceuticals