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The interesting part of Gilead’s expansive R&D collaboration with Galapagos is what it claims it is not: an acquisition. Instead, Gilead—helmed by Roche veteran Daniel O’Day—not only has paid Galapagos $3.95 billion up front, but also has bought $1.1 billion of company equity to both ensure access to its drug pipeline for the next ten years and prevent competitors from buying the group. The partners’ fortunes are tied, but they remain separate entities—for now. Some observers are drawing parallels with Roche’s former archetypal partnership with Genentech or Sanofi’s 2015 partnership with Regeneron.