Galapagos (GLPG) is the latest biotech stock to list on the Nasdaq Market with an impressive first day of trading as the stock traded up 20%. AbbVie (ABBV) and Johnson & Johnson (JNJ) are set to purchase a sizable slice of the offering as both companies have an interest about the long term visibility of their respective rheumatoid arthritis (RA) franchises. Filgotinib is an RA drug discovered by Galapagos, and in partnership with AbbVie, they are looking to replace the world’s largest selling drug HUMIRA when it goes off-patent. CEO Onno van de Stolpe tells TheStreet’s Jill Malandrino GLPG attract a better valuation and increased liquidity with its NASDAQ listing.
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