Galapagos NV: business update
(Thomson Reuters ONE) -
Mechelen, Belgium; 18 May 2012 - Galapagos NV (Euronext: GLPG) announces today
that the operational and financial results achieved thus far in 2012 encourage
the Company to retain full year 2012 financial guidance given earlier this year:
Group revenues of over ?150 million (+30%), increased cash and profit
contribution from the service operations, with positive Group operational income
and cash flow, and a positive Group net result in 2012.
"Galapagos expects to show results from the Phase IIa study with GLPG0634 by the
end of this year," said Onno van de Stolpe, CEO of Galapagos. "Revenue
recognition from the deal with Abbott on GLPG0634, combined with continued
revenues from the alliance business and another strong performance from the
service operations, will all contribute to an expected 30% growth in Group
revenues in 2012."
In the first quarter of 2012, Galapagos made several announcements validating
the quality of its research approach. The Company announced a global
collaboration with Abbott to develop and commercialize selective JAK1 inhibitor
GLPG0634 to treat auto-immune diseases. Abbott made an initial upfront payment
of $150 million for rights related to the global collaboration. Upon successful
completion of the RA Phase II studies, Abbott will license the program for a
one-time fee of $200 million if the studies meet certain pre-agreed criteria.
Abbott will assume sole responsibility for Phase III clinical development and
global manufacturing. Pending achievement of certain developmental, regulatory,
commercial and sales-based milestones, Galapagos would be eligible to receive
additional milestone payments from Abbott, potentially amounting to $1.0
billion, in addition to tiered double-digit royalties on net sales upon
commercialization. Galapagos retains co-promotion rights in Belgium, the
Netherlands and Luxembourg.
In other news validating the Company's R&D approach, Galapagos announced
achievement of milestones in its alliances with Servier and Janssen for work
completed in 2011. The Company also announced that GSK decided to exercise its
option to license GLPG0778 and GLPG0555, the first Galapagos alliance programs
to be in-licensed by a partner.
During its R&D Update on 18 April 2012, Galapagos presented an overview of its
R&D portfolio. GLPG0634 is expected to report topline data from a Phase IIa
study in 90 patients in multiple countries before year end, on track to
delivering the Phase IIb data package to Abbott before year end 2014. Galapagos
also announced excellent Phase I First-in-Human results including a biomarker
effect with GLPG0974, achievement of Proof of Concept with antibodies acting on
a Galapagos novel target in the alliance with MorphoSys, as well as discovery of
a new class of anti-bacterial compounds which act on MRSA bacteria. The Company
decided to stop work on GLPG0492 in cachexia and also announced the termination
of the anti-infective alliance with GSK, with the anti-bacterial assets
returning to Galapagos. Dr Piet Wigerinck was appointed Chief Scientific
Officer of Galapagos, responsible for all R&D activities of the Company.
BioFocus entered a new collaboration with Almirall in respiratory diseases and
both BioFocus and Argenta announced a multi-year drug discovery collaboration
with AstraZeneca. On the corporate level, Galapagos' annual general
shareholders' meeting held 24 April 2012 approved all agenda items.
Furthermore, Galapagos raised ?1,099,662.27 in capital through employee warrant
exercises in March 2012, resulting in the issuance of 137,414 new shares.
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
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
ir(at)glpg.com
This release may contain forward-looking statements, including, without
limitation, statements containing the words "believes," "anticipates,"
"expects," "intends," "plans," "seeks," "estimates," "may," "will," "could,"
"stands to," and "continues," as well as similar expressions. Such forward-
looking statements may involve known and unknown risks, uncertainties and other
factors which might cause the actual results, financial condition, performance
or achievements of Galapagos, or industry results, to be materially different
from any historic or future results, financial conditions, performance or
achievements expressed or implied by such forward-looking statements. Given
these uncertainties, the reader is advised not to place any undue reliance on
such forward-looking statements. These forward-looking statements speak only as
of the date of publication of this document. Galapagos expressly disclaims any
obligation to update any such forward-looking statements in this document to
reflect any change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based, unless
required by law or regulation.
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Galapagos NV via Thomson Reuters ONE
[HUG#1613157]
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Datum: 18.05.2012 - 07:25 Uhr
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News-ID 148002
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Town:
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