19. Share capital

The share capital of Galapagos NV, as set forth in the articles of association, reconciles to ‘share capital’ on the balance sheet as follows:


	2017		2016		2015
	(Euro, in thousands)
On January 1	€	223,928	€	185,399	€	157,274
Share capital increase		25,323		38,798		47,485
Costs of capital increase		(15,837)		(269)		(19,360)
Share capital on December 31,	€	233,414	€	223,928	€	185,399

Aggregate share capital	€	275,510	€	250,187	€	211,389
Costs of capital increase (accumulated)		(42,096)		(26,259)		(25,990)
Share capital on December 31,	€	233,414	€	223,928	€	185,399

Costs of capital increases are netted against the proceeds of capital increases, in accordance with IAS 32—Financial instruments: disclosure and presentation.

HISTORY OF SHARE CAPITAL

The history of the share capital of Galapagos NV between January 1, 2015 and December 31, 2017 is as follows:


Date	Share capital increase new shares (in thousands €)		Share capital increase warrants (in thousands €)		Number of shares issued (in thousands of shares)	Aggregate number of shares after transaction (in thousands of shares)	Aggregate share capital after transaction (Euro, in thousands )
January 1, 2015						30,299	€	163,904
March 26, 2015			€	3,092	571
May 19, 2015	€	40,751			7,532
June 19, 2015				2,659	491
September 25, 2015				640	118
December 4, 2015				344	64
December 31, 2015						39,075		211,390
January 19, 2016		36,575			6,761
April 1, 2016				668	132
May 19, 2016				762	141
September 19, 2016				326	60
November 28, 2016				467	86
December 31, 2016						46,256		250,187
April 6, 2017				1,337	247
April 21, 2017		23,331			4,313
June 20, 2017				281	52
September 21, 2017				152	28
November 23, 2017				222	41
December 31, 2017						50,937	€	275,510

On December 31, 2017, Galapagos NV’s share capital amounted to €275,510 thousand, represented by 50,936,778 shares. All shares were issued, fully paid up and of the same class.

All of the share issuances listed above were for cash consideration.

The below table summarizes the capital increases for the years 2015, 2016 and 2017.


(Euro, in thousands, except share data)	Number of shares		Share capital		Share premium			Share capital and share premium		Average exercise price warrants		Closing share price on date of capital increase
										( in Euro/ warrant)		( in Euro/ share)
On January 1, 2015		30,299,129	€	157,274	€	114,181	€	271,455

March 26, 2015: exercise of warrants		571,548		3,092		2,727		5,819	€	10.18	€	21.26

May 19, 2015: global offering
Ordinary shares (fully paid)		1,786,499		9,665		56,436		66,100				43.60
ADSs (fully paid)		5,746,000		31,086		181,516		212,602
Underwriter discounts and offering expenses (fully paid)				(19,360)				(19,360)
Total global offering		7,532,499		21,391		237,952		259,343

June 19, 2015: exercise of warrants		491,406		2,659		1,737		4,395		8.94		46.73

September 25, 2015: exercise of warrants		118,260		640		558		1,198		10.13		44.75

December 4, 2015: exercise of warrants		63,500		344		247		591		9.30		44.78

On January 1, 2016		39,076,342		185,399		357,402		542,801

January 19, 2016 : share subscription from Gilead
Ordinary shares (fully paid)		6,760,701		36,575		355,546		392,121				48.26
Derecognition of financial asset from share subscription agreement						(65,850)		(65,850)
Capital increase expenses (fully paid)				(269)				(269)
Total share subscription by Gilead		6,760,701		36,306		289,696		326,002

April 1, 2016 : exercise of warrants		131,695		668		741		1,409		10.70		36.64

May 19, 2016 : exercise of warrants		140,770		762		715		1,476		10.49		45.41

September 19, 2016 : exercise of warrants		60,320		326		277		603		10.00		58.62

November 28, 2016 : exercise of warrants		86,250		467		305		772		8.94		55.73

On December 31, 2016		46,256,078		223,928		649,135		873,063

April 6, 2017 : exercise of warrants		247,070		1,337		2,697		4,034		16.33		84.60

April 21, 2017 : U.S. public offering
ADSs (fully paid)		4,312,500		23,331		340,593		363,924				81.34
Underwriter discounts and offering expenses (paid)				(15,790)				(15,790)
Offering expenses still to be paid at December 31, 2017				(47)				(47)
Total U.S. public offering		4,312,500		7,494		340,593		348,087

June 20, 2017 : exercise of warrants		52,030		281		350		632		12.14		70.66

September 21, 2017 : exercise of warrants		28,100		152		117		269		9.55		84.62

November 23, 2017 : exercise of warrants		41,000		222		132		354		8.63		77.53

On December 31, 2017		50,936,778	€	233,414	€	993,025	€	1,226,439

Other information


	Ordinary shares		Total
Par value of shares (€)		5.41		5.41

The board of directors is authorized for a period of five years starting from the date of publication in the Annexes to the Belgian State Gazette of the shareholders’ resolution that granted the renewed authorization, being May 31, 2017, to increase the share capital of Galapagos NV within the framework of the authorized capital through contributions in kind or in cash, with limitation or cancellation of the shareholders’ preferential subscription rights. Said authorization can be renewed. The board of directors is currently not authorized to increase the share capital after notification by the FSMA (Financial Services and Markets Authority) of a public takeover bid on Galapagos NV’s shares.

The authorized capital as approved by the extraordinary shareholders’ meeting of April 25, 2017 amounted to €82,561.8 thousand. As of December 31, 2017, €3,911.4 thousand of the authorized capital was used, so that an amount of €78,650.3 thousand still remained available.