JPMorgan analyst James Quigley says the takeout scenario for Galapagos (GLPG) is "now off the table" given the lock-up period for Gilead Sciences (GILD) in the collaboration agreement announced last night. The analyst believes this "could be a modest disappointment for some." However, Quigley sees the deal as a positive for Galapagos. He expects the shares to rise by at least 10% today to the Gilead subscription price, and thinks it is likely the stock could be up more given the "substantial" upfront payment associated with the deal. The analyst has an Overweight rating on Galapagos with a $185 price target.