Lakefront Biotherapeutics announced on July 13, 2026, that Dr. Paulo Fontoura has resigned from its Board of Directors following his appointment as Executive Vice President, Global Head of Research & Development Pharma at Sanofi SA. The resignation marks a change in leadership for the biotechnology company as it continues to advance its clinical-stage portfolio in immunology and inflammation.

Gino Santini, Chair of the Board of Directors, acknowledged Fontoura's contributions, stating that the company expects to appoint a successor at the earliest practical opportunity. Lakefront Biotherapeutics, formerly known as Galapagos, focuses on building a differentiated pipeline of medicines for patients with serious diseases in areas of high unmet need.

The company's portfolio is anchored by gamgertamig, a potential first-in-class BCMAxCD3 T-cell engager for autoimmune diseases. Lakefront identifies, acquires, and advances high-quality assets with the goal of delivering meaningful patient impact and long-term shareholder value, supported by its operational flexibility and strong capital position.

Board Transition Details

The departure of Dr. Fontoura is effective immediately due to his new role at Sanofi SA. The board is now focused on identifying a qualified replacement to maintain governance continuity.

Lakefront Biotherapeutics NV disclosed that Madison Avenue Partners, LP and its affiliates have crossed the 5% threshold for voting rights. The group, which includes Madison Avenue International, LP, EMAI Management, LLC, and Eli Samaha, now holds a 5.31% stake in the biotechnology company.

Pursuant to Belgian transparency legislation, Lakefront received the notification on June 24, 2026. The filing confirms that the threshold was crossed on June 15, 2026, following the acquisition of voting rights. As of the notification date, the investors collectively owned 3,498,892 voting rights out of Lakefront's 65,897,071 currently outstanding shares.

Transaction Details

The notification provides a breakdown of the voting rights held by the investor group. Madison Avenue Partners, LP holds the entire position directly, with no equivalent financial instruments reported.

Voting Rights Breakdown

The table below details the specific allocation of voting rights following the transaction.

The total voting rights held by the group amount to 3,498,892, which equates to 5.31% of the company's total voting rights. The chain of control regarding these holdings is detailed in the full notification.