Galapagos shares plunge 33% after FDA rejects arthritis drug
The FDA is concerned about the benefit and risk profile of the treatment, filgotinib, and has asked for more data before completing its review
19 August 2020 - 16:54
London — Belgian biotech company Galapagos lost about a third of its market value — its biggest decline on record — after the US Food and Drug Administration (FDA) failed to approve a rheumatoid arthritis treatment it is developing with partner Gilead Sciences.
The regulator is concerned about the benefit and risk profile of the treatment, filgotinib, and has requested more data before completing its review, the companies said in a statement on Wednesday. The FDA’s decision drove Galapagos down as much as 33%, wiping more than €3bn off its market value. Gilead shares fell as much as 4.4% in the US...
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