Galapagos was founded in 1999 as a joint venture between Crucell (formerly IntroGene) and Tibotec. From the start, Galapagos has operated a hybrid business model, combining internal discovery programs with service activities. The joint venture operated until 2002 when the Company raised €23.4 million in a private placement. In May 2005, the Company raised €22.4 million through its initial public offering on the Euronext Brussels (Ticker symbol: GLPG) and Euronext Amsterdam (GLPGA) stock exchanges. In October 2005, Galapagos acquired BioFocus, a drug discovery company based in Saffron Walden, UK, through an all share offer, giving BioFocus shareholders a 29% state holding in the enlarged Company. On October 20, 2005 Galapagos started trading on the Alternative Investment Market of the London Stock exchange (Ticker symbol: GLPG). On June 13, 2006 Galapagos announced the acquisition of the drug discovery operations of Discovery Partners International, forming the new drug discovery division called BioFocus DPI. On September 19, 2006, Galapagos issued 10% new shares in a private placement with Fortis Bank NV at a price of €8.50 per share, raising €11.1 million. On December 6, 2006, Galapagos announced the acquisition of Inpharmatica Ltd, a privately-held drug discovery company based in the UK, through an all-share transaction. On December 22, 2006, Galapagos acquired ProSkelia SASU in Romainville, France, from ProStrakan via an all-share transaction and raised an additional €31 million in a private placement with institutional investors in Europe and the US. With ProSkelia, Galapagos obtained R&D operations focused on bone diseases as well as a product portfolio of three preclinical products in bone diseases (osteoporosis and bone metastasis), and one preclinical product in cachexia (muscle atrophy and weight loss). The transaction includes an exclusive option and license to oestradiol glucoside, a product that has successfully completed a phase IIa clinical study for treatment of menopausal symptoms (‘hot flashes’).