Kepler cuts Galapagos on 'Pyrrhic gamble' strategy
** Shares in Galapagos GLPG.AS drop around 3% after Kepler Cheuvreux cut theDutch pharmaceutical company to "reduce" from "hold"
** The brokerage says Galapagos' high-risk strategy could ultimately result in a Pyrrhic victory - achieving outcomes at unreasonably high cost
** It points to regulatory and operational challenges for CAR-T programs in hemato-oncology, namely intensifying competition and extended timelines, which might erode their values by the time the first products reach the market
** Besides CAR-T, business efforts lack clear focus and synergy, Kepler says
** The stock is at thebottom of Belgium's blue-chip BEL 20 .BFX index
Reporting by Michal Aleksandrowicz
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