AMSTERDAM (Reuters) -Biotechnology firm Galapagos said on Tuesday it would wind down its cell therapy business after attempts to sell it were unsuccessful, affecting 365 jobs in Europe, China and the
Biotech firm Galapagos to wind down cell therapy business
Galapagos Cell Therapy Business Closure
AMSTERDAM (Reuters) -Biotechnology firm Galapagos said on Tuesday it would wind down its cell therapy business after attempts to sell it were unsuccessful, affecting 365 jobs in Europe, China and the U.S.
Impact on Employees
The Amsterdam-listed company said it had received several non-binding offers since it began mulling options for its cell therapy business in May, but had concluded that none of those were viable proposals.
Strategic Shift in Business Focus
Galapagos said it now made more sense to gradually end the cell therapy business and use the capital to build a pipeline of new therapies.
Market Reaction to Announcement
Shares in the company were down 14% in early trading after its announcement.
(Reporting by Bart Meijer; Editing by Jan Harvey)
