Galapagos NV announced the appointment of Aaron Cox as Chief Financial Officer, effective July 7, 2025, marking a strategic pivot for the Belgian biotechnology company as it seeks to unlock value from its substantial cash reserves and innovative cell therapy platform. Cox brings extensive M&A expertise, having previously orchestrated Horizon Therapeutics' $28 billion sale to Amgen while serving as the company's CFO.
Strategic Leadership Transition
Cox succeeds Thad Huston, who will remain with Galapagos through July 31, 2025, to ensure a smooth transition of responsibilities. The new CFO will lead Finance, Accounting, Tax, Procurement, Communications and Investor Relations functions while joining the company's Executive Committee.
"We are delighted to welcome Aaron to Galapagos," said Henry Gosebruch, CEO of Galapagos. "Aaron will be a key partner in accelerating pipeline growth through business development and focusing our resources through disciplined financial management. His dealmaking background and experience managing a global financial organization will be invaluable as we continue transforming Galapagos with the goal of making a meaningful impact on the lives of patients worldwide."
Proven Track Record in Biotech M&A
Cox's appointment comes with a distinguished track record spanning more than two decades in biotechnology, capital markets, and M&A/corporate development. At Horizon Therapeutics, he served as Executive Vice President and Chief Financial Officer, playing a pivotal role in the company's $28 billion acquisition by Amgen. His earlier roles at Horizon included Head of Corporate Development and Chief of Staff to the CEO, where he supported capital markets strategy, M&A execution, and the company's transformation into a fully integrated biotechnology company.
The executive holds a Bachelor's degree in Finance from the University of Notre Dame and earned his MBA from the University of Chicago Booth School of Business.
Capital Deployment Strategy
Galapagos currently maintains a $3.3 billion cash war chest, positioning the company for strategic acquisitions and partnerships. Cox will work closely with leadership and the Board of Directors to execute transactions aimed at building a new pipeline of innovative medicines while exploring value-maximizing alternatives for the cell therapy business.
The company's cell therapy division features GLPG5101 CAR-T therapy, which has demonstrated clinical promise with patient wait times reduced to seven days and attrition rates cut to 5% through its decentralized manufacturing platform. However, the division's long-term value remains under evaluation as the company considers strategic options including potential spin-offs or partnerships.
Market Position and Future Outlook
Despite promising pipeline developments, Galapagos stock has experienced modest growth, rising only 15% since 2020. The company currently trades at approximately 10x projected 2026 sales, suggesting investors have yet to fully price in potential upside from Cox's strategic initiatives.
"I am excited to join Galapagos at this pivotal moment," said Cox. "I look forward to working with Henry and the talented team to help shape the company's next chapter, create value for our shareholders, and advance meaningful innovations for patients."
Clinical Development Focus
The company's pipeline faces critical execution milestones, particularly with GLPG5101's Phase III trials, which could determine the cell therapy division's future direction. Success in these trials would strengthen the company's position for potential partnerships or strategic alternatives.
Cox's mandate includes exploring opportunities in gene therapy and immuno-oncology platforms, areas where Galapagos currently lacks in-house expertise but has expressed strategic interest. The appointment signals the company's commitment to disciplined capital allocation while maintaining focus on high unmet medical needs across its therapeutic areas.
In connection with Cox's appointment, Galapagos will issue new restricted stock units (RSUs) and subscription rights as part of his compensation package.
