v3.20.1

Share capital | 12 Months Ended
--- | ---
Dec. 31, 2019
Share capital |
Share capital | 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 526 ter 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.

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