20. Share capital


	2019		2018		2017
	(Euro, in thousands)
On January 1	€	236,540	€	233,414	€	223,928
Share capital increase		55,189		19,090		25,323
Costs of capital increase		(4,447)		(15,964)		(15,837)
Share capital on December 31,	€	287,282	€	236,540	€	233,414

Aggregate share capital	€	349,789	€	294,600	€	275,510
Costs of capital increase (accumulated)		(62,507)		(58,060)		(42,096)
Share capital on December 31,	€	287,282	€	236,540	€	233,414

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, 2017 and December 31, 2019 is as follows:


Date	Share capital increase new shares (in thousands €)		Share capital increase due to warrant exercise (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 (in thousands €)
January 1, 2017						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
March 20, 2018				1,613	298
June 20, 2018				556	103
September 17, 2018		16,021			2,961
October 3, 2018				733	135
November 23, 2018				167	31
December 31, 2018						54,466		294,600
March 20, 2019				808	149
June 20, 2019				1,127	208
August 23, 2019		36,945			6,829
September 18, 2019				1,632	302
November 6, 2019				14,162	2,618
November 25, 2019				515	95
December 31, 2019						64,667	€	349,789

On December 31, 2019, Galapagos NV’s share capital amounted to €349,789 thousand, represented by 64,666,802 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 2017, 2018 and 2019.


(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, 2017		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 January 1, 2018		50,936,778		233,414		993,025		1,226,439

March 20, 2018 : exercise of warrants		298,184		1,613		2,311		3,924	13.16	83.72

June 20, 2018 : exercise of warrants		102,801		556		781		1,337	13.01	85.00

September 17, 2018 : U.S. public offering
ADSs (fully paid)		2,961,373		16,021		280,167		296,188
Underwriter discounts and offering expenses (paid)				(15,964)				(15,964)
Total U.S. public offering		2,961,373		57		280,167		280,224		99.68

October 3, 2018 : exercise of warrants		135,485		733		1,281		2,014	14.86	94.32

November 23, 2018 : exercise of warrants		30,800		167		215		382	12.40	88.90

On December 31, 2018		54,465,421		236,540		1,277,780		1,514,320

March 20, 2019 : exercise of warrants		149,370		808		2,673		3,481	23.30	90.32

June 20, 2019 : exercise of warrants		208,310		1,127		3,198		4,325	20.76	113.55

August 23, 2019 : share subscription by Gilead
Ordinary shares (fully paid)		6,828,985		36,945		923,142		960,087		148.90
Derecognition of financial liability from share subscription agreement						56,749		56,749
Underwriter discounts and offering expenses (paid)				(4,447)				(4,447)
Total share subscription by Gilead		6,828,985		32,498		979,891		1,012,389

September 18, 2019 : exercise of warrants		301,745		1,632		5,043		6,675	22.12	145.25

November 6, 2019 : exercise of warrant A by Gilead
Exercise of warrant A		2,617,791		14,162		353,873		368,035
Derecognition of financial liability related to warrant A						78,953
Total exercise of warrant A by Gilead		2,617,791		14,162		432,826		368,035	140.59	170.75

November 25, 2019 : exercise of warrants		95,180		515		2,172		2,687	28.23	172.95

On December 31, 2019		64,666,802	€	287,282	€	2,703,583	€	2,911,912

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, 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 authorized capital of Galapagos consists of two parts. A general authorization for capital increases up to 20% of the share capital at the time of convening the shareholders’ meeting of October 22, 2019 (i.e. €67,022,402.04) was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. November 13, 2019. A specific authorization for capital increases of more than 20% and up to 33% of the share capital at the time of the convening the shareholders' meeting of April 25, 2017 (i.e. €82,561,764.93), was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. May 31, 2017. This specific part of the authorized capital can, however, only be used in a number of specific circumstances and upon a resolution of the board of directors that all independent directors (within the meaning of article 526ter of the Belgian Companies Code, resp. article 7:87 of the New Belgian Companies Code) approve. 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.

As of December 31, 2019, an amount of €67,022,402.04 still remained available under the general part of the authorized capital and an amount of €13,717,929.80 remained available under the specific part of the authorized capital.