(Bloomberg) -- Gilead Sciences will boost its stake in Belgian biotech company Galapagos in a deal worth $5.1 billion, the Wall Street Journal reported.

• The deal, which will be announced Sunday, will give Gilead rights outside of Europe to the company’s treatments in development
• Gilead will make a $3.95 billion payment to Galapagos and will also invest $1.1 billion to increase its stake in the drugmaker to 22% from 12.3%

To contact the reporter on this story: Nathan Crooks in Miami at ncrooks@bloomberg.net

To contact the editor responsible for this story: Sebastian Tong at stong41@bloomberg.net

©2019 Bloomberg L.P.