The beleaguered Belgian firm Galapagos is splitting itself into two companies, with the brandname biotech prioritizing oncology.

Alongside plans to spin out a new company, the Belgian drugmaker said it will cut some 300 positions, or about 40% of its current workforce.

Belgian biotech Galapagos (NASDAQ:GLPG) announced a major restructuring drive on Wednesday, with plans to amend its 10-year collaboration with Gilead (NASDAQ:GILD) as part of its intention to create a new publicly traded entity focused on innovative medicines.

By mid-2025, the biotech will split into two entities: a new, as-yet-unnamed innovative medicines specialist and a cell therapy company, the latter of which will inherit the Galapagos name.