Please find our updated analysis on Galapagos / Mangrove here.

We remain long the new Mangrove SSNs and will only tactically review the position between now and December, when we believe the

Although the fighting itself introduces yet more uncertainty when time for the company is really of the essence, the SSNs remain well in the money, particularly considering the

with respect to news flow of Galapagos entities triggering an event of default and applying for UK administration. Please note that this is entirely part of the so called “Alternative Plan”, which

Bobby Rajan joined the board as independent non-exec director.

Clearly this is not as strong a signal as a direct operating role, but in terms of assuming director liability, A&M are

The call was interesting, but did not contain anything groundbreaking (good), rather further detail on the presentation we received last week.

Triton are leapfrogging the SUNs with E140m fresh cash - E25m of which upfront to fund the next months and the remainder at close of a Scheme of Arrangement. This leaves the SUNs

We would be extremely surprised the company paid coupon this month. Instead we expect advisors to come with a plan and commence restructuring net week. 

Galapagos clearly beat our expectations in Q418. 

While the Enexio business cratered a little less dramatically