Biotech Galapagos NV (Euronext & NASDAQ: GLPG) has announced a new initiative to save money while sharpening its focus on oncology and immunology.
The company’s CEO, formerly the Chief Scientific Officer of Janssen (NYSE:JNJ), unveiled a new “roadmap for pipeline and commercial growth” at its R&D Day held November 4 in Mechelen, Belgium.
The plan also describes the company’s decision to halt the development of fibrosis and kidney disease programs to free up cash for its oncology programs.
The company also is hoping to significantly reduce cash burn by 2028.
“Building on our strong fundamentals, we are convinced that we are taking the right steps to deliver on our core mission: adding years of life and improving the quality of life of patients globally,” Stoffels said in a statement.
Over the past year, the company’s share price has fallen 16.38% to €41.31. Its stock has fallen about a quarte…