Galapagos delivers candidate drug in its alliance with Janssen Pharmaceutica, NV and receives milestone payment
(Thomson Reuters ONE) -
Mechelen, Belgium; 21 March 2012 - Galapagos NV (Euronext: GLPG) announced today
that it has identified a pre-clinical compound in its alliance with Janssen
Pharmaceutica NV. This achievement triggered a milestone payment of ?6.6
million to Galapagos.
Today's pre-clinical candidate was developed by Galapagos against a novel target
discovered with Galapagos' proprietary platform. Galapagos will now start
comprehensive safety evaluation to advance the compound towards Phase I clinical
trials.
"Four years into the alliance, which started at the novel target stage, we are
excited to have delivered the first pre-clinical candidate," said Onno van de
Stolpe, CEO of Galapagos. "Our alliances with pharma provide financing to
survive industry standard attrition and get a certain percentage of programs
through to the clinic. In this way, Galapagos continues to build a strong R&D
track record by efficiently delivering high quality results, both in its
alliance and proprietary therapeutic pipelines."
In October 2007, Galapagos announced an alliance agreement with Janssen
Pharmaceutica providing Janssen Pharmaceutica with option rights to acquire
worldwide, commercial licenses to certain Galapagos internal programs.
Galapagos is eligible to receive up to ?73 million in milestones per program,
plus royalties. To date, Galapagos has received ?31 million in alliance
payments from Janssen Pharmaceutica.
About Galapagos
Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size biotechnology company
specialized in the discovery and development of small molecule and antibody
therapies with novel modes-of-action. The Company is progressing GLPG0634, as
well as one of the largest pipelines in biotech, with four programs in
development and over 50 discovery programs. The Galapagos Group has about 800
employees and operates facilities in six countries, with global headquarters in
Mechelen, Belgium. More info at: www.glpg.com
CONTACT
Galapagos NV
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
ir(at)glpg.com
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"stands to," and "continues," as well as similar expressions. Such forward-
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factors which might cause the actual results, financial condition, performance
or achievements of Galapagos, or industry results, to be materially different
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achievements expressed or implied by such forward-looking statements. Given
these uncertainties, the reader is advised not to place any undue reliance on
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Source: Galapagos NV via Thomson Reuters ONE
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