NEW YORK (GenomeWeb News) – Galapagos, the Belgian drug development and drug screening services firm, has raised €18.2 million ($27.1 million) through the placement of 2,125,925 new ordinary shares at a price of €8.55 per share.
The shares are being placed with unnamed international institutional investors. Delivery of the shares is expected to take place on Oct. 21.
Galapagos plans to use the funds to support clinical development of drug candidates, including a phase II study of a rheumatoid arthritis drug.
The firm did not say whether any of the proceeds will be used by its BioFocus DPI division, which conducts drug validation and screening services.