Biotechnology firm Galapagos receives offers for cell therapy business

(Reuters) -Biotechnology firm Galapagos' board has received non-binding offers from several groups, mainly comprised of financial investors, for its cell therapy business, which it began mulling options for in May, the Amsterdam-listed group said on Wednesday.

The company said its board will evaluate options, including a sale or divestment of its cell therapy business, depending on other offers it may receive, with a decision expected by November 5.

Galapagos, which has a market capitalisation of 1.97 billion euros ($2.31 billion), according to data compiled by LSEG, said in May it would reassess its planned split of its innovative medicines business due to unfavourable regulatory and market conditions.

In January, the pharmaceutical firm had said that it expected the spinoff of its innovative medicines business to take effect by mid-2025, which would have given the firm a 2.45 billion euro influx of cash.

($1 = 0.8527 euros)

(Reporting by Chandni Shah in Bengaluru; Editing by Alan Barona)