Galapagos announces GSK decision to exercise option for investigational medicines GLPG0778 and GLPG0555
(Thomson Reuters ONE) -
Mechelen, Belgium; 21 February 2012 - Galapagos NV (Euronext: GLPG) announced
today that GlaxoSmithKline has exercised its option to exclusively license
investigational compound GLPG0778 and its corresponding back-up compound
GLPG0555, both discovered and developed within GSKs immuno-inflammatory alliance
with Galapagos. GSK will have the right to continue the clinical development of
these candidate compounds. Galapagos will receive an option fee payment of
single-digit million Euros from GSK, which contributes to 2011 Group revenues.
Galapagos is eligible, without further financial investment from Galapagos, to
receive from GSK more than ?34M in future milestones plus royalties on these two
compounds.
Galapagos believes that today's option exercise by GSK further highlights
Galapagos' rapid progression of early discovery programs into clinical results.
In the alliance with GSK, GLPG0778 was identified and progressed to a successful
option exercise within 30 months, making the transition from committing to the
target to clinical Proof of Mechanism in 5 years.
"GLPG0778 and GLPG0555 are the first Galapagos alliance compounds to be in-
licensed into a large pharma portfolio," said Onno van de Stolpe, CEO of
Galapagos. "We are excited to follow the future development and potential
commercialization of GLPG0778 and GLPG0555 by GSK."
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 seven 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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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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Source: Galapagos NV via Thomson Reuters ONE
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