Galapagos' Long-Serving CEO Onno Van De Stolpe To Exit After R&D Setbacks - Galapagos (OTC:GLPGF), Gilead Sciences (NASDAQ:GILD), Galapagos (NASDAQ:GLPG)

After 22 years at the helm of Galapagos NV GLPG, chief executive Onno van de Stolpe has decided it is time to retire and hand the reins to new leadership.
He will stay in his role until a successor is found.
The company has kicked off a search for a new CEO. Van de Stolpe was a co-founder of Galapagos and has been CEO since it was formed in 1999.
His departure comes after a tricky period for Galapagos, which van de Stolpe alludes to in his retirement announcement, saying: "Despite recent setbacks, we continue to progress a deep pipeline of novel target-based compounds, while the commercial roll-out of our first approved product is underway,"
Galapagos is in the midst of launching its JAK1 inhibitor Jyseleca (filgotinib) for rheumatoid arthritis in Europe and Japan. However, the FDA rejected the drug as part of a wider investigation into the safety of the class.
The delay resulted in Galapagos' longstanding partner Gilead Sciences Inc GILD abandon plans to develop the drug for rheumatoid arthritis in the US and handing back European marketing rights to Galapagos.
Last month, Galapagos' SIK inhibitor GLPG3970 failed two of three clinical trials.
Related Content: Galapagos SIK Inhibitor Fails To Show Positive Outcomes In Ulcerative Colitis, Rheumatoid Arthritis Patients.
Also Read: Galapagos, Gilead Sciences Pull Plug On Ziritaxestat Clinical Trials.
Price Action: GLPG shares are up 8.64% at $59.72 during the premarket session on the last check Tuesday.