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.

Galapagos will gain full development and commercialization rights to its pipeline, and is subject to single digit royalty payments to Gilead on the sales of certain products.