<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2025/11/Henry-Gosebruch_headshot-430x241.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2025/11/Henry-Gosebruch_headshot-430x241.jpg"/></p>
<p>亨利·戈塞布鲁赫（Henry Gosebruch）于 2025 年 5 月担任 Galapagos 首席执行官，他在伦敦的 Jefferies 全球医疗会议期间接受了《制药技术》杂志的采访。图片来源：Galapagos。</p>
<p>对于许多观察者来说，Galapagos 处于一个令人羡慕的位置。这家生物技术公司拥有 30 亿欧元的资产负债表，并且有一个新的战略方向可以发展。</p>
<p>然而，2025 年对这家比利时生物技术公司来说是一个重大动荡之年。今年 1 月，在充足的现金储备支持下，Galapagos 公布了计划分拆一家公司，以推进其在肿瘤学、免疫学和病毒学方面的管道。然而，这一分拆计划在 5 月被突然放弃，发生了戏剧性的逆转。</p>
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<p>相反，10 月公司宣布将 关闭其细胞治疗部门， 放弃与这一先进模式的关联。Galapagos 只是 许多公司 中的一员，这些公司在失去动力和资金的情况下撤退，尽管曾经拥有巨大的商业前景。</p>
<p>现在，Galapagos 正在其 26 年的历史中创造一个新篇章，开始实施通过资产收购建立盈利商业模式的计划。</p>
<p>在伦敦的 Jefferies 全球医疗会议期间，《制药技术》与亨利·戈塞布鲁赫进行了交谈，他于 2025 年 5 月在战略重组中担任 Galapagos 首席执行官，讨论公司的发展路线图。</p>
<p>戈塞布鲁赫讨论了他所寻找的内容、公司与吉利德（Gilead）现有的 50 亿美元交易的未来，以及最近的并购交易激增如何使生物技术公司受益。</p>
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<h3>罗伯特·巴里（RB）：您能否解释一下关闭细胞治疗部门的内部决策过程？</h3>
<p>亨利·戈塞布鲁赫（HG）：董事会一直在持续评估公司应该如何使用资本。哪个领域是最佳投资？细胞治疗是否合理？我们是否应该投入之前看到的所有资本？</p>
<p>重要的是，我们测试了市场，并进行了全面的战略审查和销售过程，以识别潜在的买家或投资者，他们具备推动细胞治疗业务的专业知识和资源——无论是制药公司、生物技术公司、医疗技术公司还是合同开发制造组织（CDMO）。</p>
<p>该模式的数据仍然具有吸引力和鼓舞人心，但这并不是人们所担心的。人们担心的是患者旅程、实现其运作的物流、制造细胞治疗的一般复杂性。其他新兴技术可能尚未完全证明，但至少有潜力避免所有这些复杂性，并创造出没有这些问题的不同商业模式。最终，这应该是一个更具盈利性和可持续性的未来商业。</p>
<h3>RB：您是否对新的机会保持开放态度，这是否包括购买资产？</h3>
<p>HG：我们正在关注后期资产，即临床概念验证后的资产。在免疫学中，这通常意味着 IIa 期数据，而在肿瘤学中可以是 II 期或 Ib 期。这并不意味着这是我们关注的 100%，但明确的重点就是这一点。</p>
<p>当我进行巡回拜访时，股东表示他们不想承担重大临床风险，考虑到他们在过去几年中经历的情况。[这与] 商业风险不同。如果你对市场指示有特定的洞察力，能够做出有意义的事情，那就是我们愿意承担的风险。这是我从股东那里得到的一致指导。因此，这是我们认为合理的计划，也是我们正在执行的计划。</p>
<h3>RB：这与制药行业针对后期资产交易的更广泛趋势如何契合？</h3>
<p>HG：在制药行业，不同之处在于他们往往拥有更成熟、更广泛的商业能力和商业基础设施——而这正是我们所缺乏的。我们没有商业基础设施。相反，我们可以选择那些被误解或由于未知因素而被认为对大玩家不那么有吸引力的疾病。我们正在寻找的正是这些机会。我们有这种 “白纸” 机会，而在制药行业，你不仅在寻找去风险化的机会，还可能在寻找与你现有投资组合有商业协同的机会。</p>
<p>第二个不同之处在于你拥有不同的预算和可用资本。也许你不知道某个领域会如何发展，因此你在该领域进行两到三次投资，只要能获得一个好的资产就行。对我来说，这有点难。</p>
<p>有一些相似之处，但我认为我们的看法略有不同。拥有 30 亿欧元的资金，成为行业中最好的资产负债表之一，这当然很好。但这并不意味着我应该与大型制药公司竞争。</p>
<h3>RB：你与吉利德的合作关系，价值高达 50 亿美元，将如何融入你的计划？</h3>
<p>HG：这项合作关系是在六年半前建立的，双方设计得很好，但那时 Galapagos 拥有发现技术平台和非常丰富的临床管道。</p>
<p>今天情况依然如此，只是我们不再拥有发现管道。他们仍然有权选择我们购买的资产。我们认为，最佳选择是重新谈判该选择权的收益，他们对此非常开放。他们希望我们为他们寻找资产，并希望我们成功。他们对此非常有动力。但从逻辑上讲，这意味着应该是他们感兴趣的领域。可能他们对某个领域感兴趣，但他们还没有准备好自己采取行动。相反，他们可以在不同的数字下稍后选择。这就是为什么在整体框架下重新谈判交易很困难——变量太多。因此，我们将逐个交易处理。我不会假装这很简单，但我们被这种复杂性所吸引，这正是让事情变得令人兴奋的原因。</p>
<h3>RB：如果我们一年后再坐下来，你认为 Galapagos 会是什么样子？</h3>
<p>HG：可能会有三个重大变化。我们现在正在进行咨询过程，但细胞治疗的退出将在明年年底前完成。第二，剩余的传统小分子项目将在明年初公布结果。我们将知道这是否是一个有前景的资产，我们将围绕该资产进行构建。到明年这个时候，我们可能会将该资产合作出去，因为我们决定其他人处于更好的位置来处理它。第三，到那时我们可能会有另一个资产。</p>
<p>如果合适的交易出现，我们可能会达成交易，但我不必在明年达成交易。做出正确的交易比设定时间框架更重要。当然，我们有资本，因此有机会会利用这些资本。但前两项是 100%。</p>
<h3>RB：你对最近的并购交易热潮是否乐观，认为这会帮助你明年的交易策略？</h3>
<p>HG：我认为并购市场将保持活跃。最重要的是，有趣的资产正在出现，具有概念验证或令人鼓舞的临床数据。我认为这对我们来说是积极的，希望如果融资环境比之前稍好，那么更多早期的想法将获得资金，达到可以交易的程度。</p>
<p>另一方面，价格上涨使某些交易对我们来说变得困难。有时投资者的看法是，当价格低时，应该看到更多的并购。但这并不总是正确的。价格当然非常重要，但资产所解决的重大未满足需求更为重要。</p>
<p>我对这种活动感到鼓舞，我欢迎它，我认为这对我们有好处。我们会因为财务超出我们的范围而失去一两个机会吗？也许。但我不能担心市场时机。我必须找到合适的资产。</p>

GLPG

<p>Galapagos 首席执行官 Henry Gosebruch 正在专注于战略资产收购，此前该公司的细胞治疗部门已关闭。公司拥有 30 亿欧元的资产负债表，旨在通过瞄准免疫学和肿瘤学的后期资产来创建盈利的商业模式。最近并购活动的激增被视为对 Galapagos 有利，符合行业瞄准后期资产的趋势。由于物流挑战，公司正在逐步放弃细胞治疗，并寻求可持续的商业机会</p>

<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2025/11/Henry-Gosebruch_headshot-430x241.jpg" alt="" original-src="https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2025/11/Henry-Gosebruch_headshot-430x241.jpg"/></p>
<p>Henry Gosebruch, who assumed his role as Galapagos CEO in May 2025, spoke with Pharmaceutical Technology on the sidelines of Jefferies Global Healthcare Conference in London. Image credit: Galapagos.</p>
<div class="lb-trans"><p>亨利·戈塞布鲁赫（Henry Gosebruch）于 2025 年 5 月担任 Galapagos 首席执行官，他在伦敦的 Jefferies 全球医疗会议期间接受了《制药技术》杂志的采访。图片来源：Galapagos。</p>
</div><p>For many observers, Galapagos is in an enviable position. The biotech has a balance sheet of €3bn to call upon and a fresh strategic direction to build from.</p>
<div class="lb-trans"><p>对于许多观察者来说，Galapagos 处于一个令人羡慕的位置。这家生物技术公司拥有 30 亿欧元的资产负债表，并且有一个新的战略方向可以发展。</p>
</div><p>But 2025 has been a year of major upheaval for the Belgian biotech. In January, backed by a sizeable cash reserve, Galapagos unveiled plans to spin out a company to advance a pipeline in oncology, immunology, and virology. Yet, the split was abruptly abandoned in May in a dramatic U-turn.</p>
<div class="lb-trans"><p>然而，2025 年对这家比利时生物技术公司来说是一个重大动荡之年。今年 1 月，在充足的现金储备支持下，Galapagos 公布了计划分拆一家公司，以推进其在肿瘤学、免疫学和病毒学方面的管道。然而，这一分拆计划在 5 月被突然放弃，发生了戏剧性的逆转。</p>
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</div><h4>NPVM: Galapagos NV's GLPG-3667</h4>
<div class="lb-trans"><h4>NPVM: Galapagos NV 的 GLPG-3667</h4>
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</div><h4>Immuno-oncology (IO) - Thematic Intelligence</h4>
<div class="lb-trans"><h4>免疫肿瘤学（IO）- 主题情报</h4>
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<div class="lb-trans"><p>结合商业智能和编辑卓越，接触到 36 个领先媒体平台上的专业人士。</p>
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</div><p>Instead, a larger pivot came in October, when the company revealed it was shutting down its cell therapy unit, leaving its association with the advanced modality behind. Galapagos is just one of many companies to retreat from the sector that has lost momentum and funding, despite at one time holding so much commercial promise.</p>
<div class="lb-trans"><p>相反，10 月公司宣布将 关闭其细胞治疗部门， 放弃与这一先进模式的关联。Galapagos 只是 许多公司 中的一员，这些公司在失去动力和资金的情况下撤退，尽管曾经拥有巨大的商业前景。</p>
</div><p>Now, Galapagos is creating a new chapter in its 26-year history as it embarks upon a plan to create a profitable business model via asset acquisitions.</p>
<div class="lb-trans"><p>现在，Galapagos 正在其 26 年的历史中创造一个新篇章，开始实施通过资产收购建立盈利商业模式的计划。</p>
</div><p>On the sidelines of Jefferies Global Healthcare Conference in London, <em>Pharmaceutical Technology</em> sat down with Henry Gosebruch, who assumed his role as Galapagos CEO in May 2025 amid the strategic overhaul, to discuss the company’s roadmap.</p>
<div class="lb-trans"><p>在伦敦的 Jefferies 全球医疗会议期间，《制药技术》与亨利·戈塞布鲁赫进行了交谈，他于 2025 年 5 月在战略重组中担任 Galapagos 首席执行官，讨论公司的发展路线图。</p>
</div><p>Gosebruch discussed what he is looking for, the future of the company’s existing $5bn deal with Gilead, and how the recent surge in M&amp;A deals could benefit the biotech.</p>
<div class="lb-trans"><p>戈塞布鲁赫讨论了他所寻找的内容、公司与吉利德（Gilead）现有的 50 亿美元交易的未来，以及最近的并购交易激增如何使生物技术公司受益。</p>
</div><p><img src="/wp-content/themes/goodlife-wp-B2B/assets/images/strategic-int.png" alt="" original-src="/wp-content/themes/goodlife-wp-B2B/assets/images/strategic-int.png"/></p>
<p>GlobalData Strategic Intelligence</p>
<div class="lb-trans"><p>GlobalData 战略情报</p>
</div><h1>US Tariffs are shifting - will you react or anticipate?</h1>
<div class="lb-trans"><h1>美国关税正在变化 - 你会反应还是预见？</h1>
</div><p>Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.</p>
<div class="lb-trans"><p>不要让政策变化让你措手不及。通过实时数据和专家分析保持主动。</p>
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</div><p><em>This interview has been edited for length and clarity.</em></p>
<div class="lb-trans"><p><em>本次采访经过编辑以缩短长度和提高清晰度。</em></p>
</div><h3>Robert Barrie (RB): Could you explain the internal decision-making process for shutting your cell therapy unit down?</h3>
<div class="lb-trans"><h3>罗伯特·巴里（RB）：您能否解释一下关闭细胞治疗部门的内部决策过程？</h3>
</div><p>Henry Gosebruch (HG): The board has been under this continuous process to assess what the company should be doing with the capital. What’s the best area to invest in? Does cell therapy make sense? Should we be dedicating all this capital that we saw previously?</p>
<div class="lb-trans"><p>亨利·戈塞布鲁赫（HG）：董事会一直在持续评估公司应该如何使用资本。哪个领域是最佳投资？细胞治疗是否合理？我们是否应该投入之前看到的所有资本？</p>
</div><p>Importantly, we tested the market, and we have undertaken a thorough strategic review and sale process to identify potential buyers or investors with the expertise and resources to take the cell therapy business forward – be that pharma, biotech, medtech players, CDMOs.</p>
<div class="lb-trans"><p>重要的是，我们测试了市场，并进行了全面的战略审查和销售过程，以识别潜在的买家或投资者，他们具备推动细胞治疗业务的专业知识和资源——无论是制药公司、生物技术公司、医疗技术公司还是合同开发制造组织（CDMO）。</p>
</div><p>The modality’s data continues to be attractive and encouraging, but that’s not what people worry about. There are worries related to the patient journey, the logistics of making it work, the complexity of manufacturing cell therapies in general. Other technologies that are coming in may not be fully proven, but they at least have the potential to avoid all those complexities and create a different business model that doesn’t have those problems. Ultimately, it should be a more profitable, sustainable business going forward.</p>
<div class="lb-trans"><p>该模式的数据仍然具有吸引力和鼓舞人心，但这并不是人们所担心的。人们担心的是患者旅程、实现其运作的物流、制造细胞治疗的一般复杂性。其他新兴技术可能尚未完全证明，但至少有潜力避免所有这些复杂性，并创造出没有这些问题的不同商业模式。最终，这应该是一个更具盈利性和可持续性的未来商业。</p>
</div><h3>RB: Are you keeping an open mind as to your new opportunities and will this include buying assets?</h3>
<div class="lb-trans"><h3>RB：您是否对新的机会保持开放态度，这是否包括购买资产？</h3>
</div><p>HG: We’re looking at late-stage assets, so post clinical proof-of-concept assets. In immunology it generally means Phase IIa data and in oncology it can be Phase II or Phase Ib. It doesn’t mean it’s 100% of what we’re looking at, but the clear focus is that.</p>
<div class="lb-trans"><p>HG：我们正在关注后期资产，即临床概念验证后的资产。在免疫学中，这通常意味着 IIa 期数据，而在肿瘤学中可以是 II 期或 Ib 期。这并不意味着这是我们关注的 100%，但明确的重点就是这一点。</p>
</div><p>When I made my rounds, shareholders said they don’t want to take significant clinical risk, given what they have been through in the last few years. [That’s different] to commercial risk. If you have a specific insight for a market indication to make something that’s meaningful, that’s a risk we’re comfortable taking. That’s the guidance I’ve been getting consistently from shareholders. So that’s the plan we think makes sense, and that’s the plan we’re executing.</p>
<div class="lb-trans"><p>当我进行巡回拜访时，股东表示他们不想承担重大临床风险，考虑到他们在过去几年中经历的情况。[这与] 商业风险不同。如果你对市场指示有特定的洞察力，能够做出有意义的事情，那就是我们愿意承担的风险。这是我从股东那里得到的一致指导。因此，这是我们认为合理的计划，也是我们正在执行的计划。</p>
</div><h3>RB: How does this fit in with the wider pharma industry trend of targeting later stage assets in deals?</h3>
<div class="lb-trans"><h3>RB：这与制药行业针对后期资产交易的更广泛趋势如何契合？</h3>
</div><p>HG: What’s different [in pharma] is they tend to have more established, broader commercial capabilities and commercial infrastructure – that’s not what we have. We don’t have a commercial infrastructure. Instead, we can maybe pick diseases that are misunderstood or just perceived to be not as attractive to the big players due to an unknown factor. It’s more those opportunities that we’re seeking. We have this ‘white sheet of paper’ opportunity, whereas [in pharma], you’re looking for not just de-risked opportunities, but you’re probably also looking for ones where you have commercial synergy with whatever portfolio you have.</p>
<div class="lb-trans"><p>HG：在制药行业，不同之处在于他们往往拥有更成熟、更广泛的商业能力和商业基础设施——而这正是我们所缺乏的。我们没有商业基础设施。相反，我们可以选择那些被误解或由于未知因素而被认为对大玩家不那么有吸引力的疾病。我们正在寻找的正是这些机会。我们有这种 “白纸” 机会，而在制药行业，你不仅在寻找去风险化的机会，还可能在寻找与你现有投资组合有商业协同的机会。</p>
</div><p>The second difference is that you have a different budget and capital available. Maybe you don’t know how a certain area is going to play out, so you make two or three bets in said area, as long as you get one good asset from that. It’s a little harder for me to play that.</p>
<div class="lb-trans"><p>第二个不同之处在于你拥有不同的预算和可用资本。也许你不知道某个领域会如何发展，因此你在该领域进行两到三次投资，只要能获得一个好的资产就行。对我来说，这有点难。</p>
</div><p>There are some similarities, but I think we look at it a little bit differently. It’s great to have €3bn, one of the best balance sheets in the industry. But that doesn’t mean I should be competing with a big pharma player.</p>
<div class="lb-trans"><p>有一些相似之处，但我认为我们的看法略有不同。拥有 30 亿欧元的资金，成为行业中最好的资产负债表之一，这当然很好。但这并不意味着我应该与大型制药公司竞争。</p>
</div><h3>RB: How will your partnership with Gilead, valued at up to $5bn, fit into your plans?</h3>
<div class="lb-trans"><h3>RB：你与吉利德的合作关系，价值高达 50 亿美元，将如何融入你的计划？</h3>
</div><p>HG: That partnership was established close to six and a half years ago, and it was well designed from both parties, but it was designed at a time where Galapagos had a discovery technology platform and very rich pipeline entering the clinic.</p>
<div class="lb-trans"><p>HG：这项合作关系是在六年半前建立的，双方设计得很好，但那时 Galapagos 拥有发现技术平台和非常丰富的临床管道。</p>
</div><p>That continues to be the case today except we no longer have a discovery pipeline. They still have the right to opt into assets we buy. We think the best alternative is to renegotiate that opt-in yield, which they’re very open to. They want us to be finding assets for them and they want us to be successful. They’re very motivated to be doing that. But logically, that means it should be areas that they have some interest in. It could be that they are interested in an area, but they’re not quite ready yet to make the move themselves. Instead, they could opt in later at a different number. That’s why it’s hard to renegotiate the deal under an umbrella approach – there are just too many variables. So, we’ll handle it on a deal-by-deal basis. I won’t pretend it’s simple, but we’re attracted by that complexity, and that’s what makes it exciting.</p>
<div class="lb-trans"><p>今天情况依然如此，只是我们不再拥有发现管道。他们仍然有权选择我们购买的资产。我们认为，最佳选择是重新谈判该选择权的收益，他们对此非常开放。他们希望我们为他们寻找资产，并希望我们成功。他们对此非常有动力。但从逻辑上讲，这意味着应该是他们感兴趣的领域。可能他们对某个领域感兴趣，但他们还没有准备好自己采取行动。相反，他们可以在不同的数字下稍后选择。这就是为什么在整体框架下重新谈判交易很困难——变量太多。因此，我们将逐个交易处理。我不会假装这很简单，但我们被这种复杂性所吸引，这正是让事情变得令人兴奋的原因。</p>
</div><h3>RB: If we were to sit down again in a year, how do you think Galapagos will look by then?</h3>
<div class="lb-trans"><h3>RB：如果我们一年后再坐下来，你认为 Galapagos 会是什么样子？</h3>
</div><p>HG: There will be maybe three big differences. We’re going through the consultation process now, but the cell therapy exit will be completed by end of next year. Number two, the remaining legacy small molecule program will be reading out early next year. We’ll know the answer on whether that’s a promising asset, and we’ll build around that asset. It could be that by this time next year we’ve partnered out the asset because we decide somebody else is in a better position to do it. Number three, we may have another asset by then.</p>
<div class="lb-trans"><p>HG：可能会有三个重大变化。我们现在正在进行咨询过程，但细胞治疗的退出将在明年年底前完成。第二，剩余的传统小分子项目将在明年初公布结果。我们将知道这是否是一个有前景的资产，我们将围绕该资产进行构建。到明年这个时候，我们可能会将该资产合作出去，因为我们决定其他人处于更好的位置来处理它。第三，到那时我们可能会有另一个资产。</p>
</div><p>We may do a deal if the right one comes along, but I don’t have to do one next year. It’s more important to do the right deal than to put mandates on timeframes. Of course, we have capital so there’s a chance we will have done something with that. But with the first two, it’s 100%.</p>
<div class="lb-trans"><p>如果合适的交易出现，我们可能会达成交易，但我不必在明年达成交易。做出正确的交易比设定时间框架更重要。当然，我们有资本，因此有机会会利用这些资本。但前两项是 100%。</p>
</div><h3>RB: Are you optimistic the recent flurry in M&amp;A deals will help your dealmaking strategy next year?</h3>
<div class="lb-trans"><h3>RB：你对最近的并购交易热潮是否乐观，认为这会帮助你明年的交易策略？</h3>
</div><p>HG: I think the M&amp;A market will stay active. Most importantly, there’s interesting assets coming forward with proof of concept or encouraging clinical data. I think it can be a positive for us, and hopefully, if there’s a slightly better funding environment than there has previously been, then more early ideas will get funded that get to the point where they may become transactable for us.</p>
<div class="lb-trans"><p>HG：我认为并购市场将保持活跃。最重要的是，有趣的资产正在出现，具有概念验证或令人鼓舞的临床数据。我认为这对我们来说是积极的，希望如果融资环境比之前稍好，那么更多早期的想法将获得资金，达到可以交易的程度。</p>
</div><p>On the other hand, rising prices have made certain deals hard for us. Sometimes there’s an investor perception that when prices are low, you should see more M&amp;A. And that’s not always true. Price is of course very important, but the big unmet need that the asset is addressing is more important.</p>
<div class="lb-trans"><p>另一方面，价格上涨使某些交易对我们来说变得困难。有时投资者的看法是，当价格低时，应该看到更多的并购。但这并不总是正确的。价格当然非常重要，但资产所解决的重大未满足需求更为重要。</p>
</div><p>I’m encouraged by the activity, I welcome it, and I think it’ll be good for us. Will we lose an opportunity or two as it financially gets out of our zone? Maybe. But I can’t worry about timing the market. I have to find the right assets.</p>
<div class="lb-trans"><p>我对这种活动感到鼓舞，我欢迎它，我认为这对我们有好处。我们会因为财务超出我们的范围而失去一两个机会吗？也许。但我不能担心市场时机。我必须找到合适的资产。</p>
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Galapagos CEO 在寻求关键资产的过程中加强战略聚焦