Madison Avenue Partners exceeds 5% stake in Lakefront Biotherapeutics

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.

Date threshold crossed	Date of notification	Direct voting rights	Equivalent financial instruments	Total voting rights
June 15, 2026	June 24, 2026	3,498,892	0.00%	5.31%

Voting Rights Breakdown

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

Holder of voting rights	Previous notification #	Linked to securities #	Not linked to securities #	Linked to securities %	Not linked to securities %
Madison Avenue Partners, LP	0	3,498,892		5.31%

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.

Lakefront Biotherapeutics NV has repurchased 38,537 of its own shares between June 9, 2026 and June 12, 2026, as part of a repurchase program announced on June 9, 2026. The company acquired the shares on Euronext (ENXT) at an average price of €24.7764, spending a total of €954,808.90. This transaction reduces the number of shares in circulation, potentially increasing earnings per share for remaining shareholders.

Repurchase Details

The buyback activity was conducted over three trading days, with the highest volume recorded on June 10, 2026. The price paid per share ranged from a low of €24.3600 to a high of €25.0800. The following table details the daily breakdown of the repurchases:

Date of purchase	Market/MTF	Number of shares	Average price paid (€)	Total (€)	Lowest price paid (€)	Highest price paid (€)
10-Jun-2026	ENXT	13,019	24.6037	320,315.57	24.3600	25.0800
11-Jun-2026	ENXT	12,563	24.8024	311,592.55	24.5400	24.9200
12-Jun-2026	ENXT	12,955	24.9248	322,900.78	24.8000	25.0400
Total		38,537	24.7764	954,808.90	24.3600	25.0800

Current Holdings

As of the market close on June 12, 2026, Lakefront Biotherapeutics NV holds 38,537 of its own ordinary shares. The company is listed on Euronext and NASDAQ under the ticker symbol LKFT. Lakefront Biotherapeutics (formerly known as Galapagos) is a biotechnology company focused on immunology and inflammation, with a clinical-stage portfolio anchored by gamgertamig, a potential first-in-class BCMAxCD3 T-cell engager for autoimmune diseases.