Galapagos business update
(Thomson Reuters ONE) -
Mechelen, Belgium; 14 May 2010 - Galapagos NV (Euronext: GLPG) announces today
that the operational and financial results achieved thus far in 2010 encourage
the Company to retain full year 2010 financial guidance given earlier this year:
group revenues of over ?135 million, with positive operational income and cash
flow, and a positive net result in 2010.
In January 2010, Galapagos and Roche announced a new strategic alliance in small
molecule and antibody therapies based on novel targets in COPD (chronic
obstructive pulmonary disease), with potential milestones exceeding ?400
million, plus up to double-digit royalties. This week Galapagos announced that
this alliance has been expanded - thereby increasing number of antibody targets
and widening the scope of molecules in this alliance to potentially include
peptide and nucleic acids products. This expansion adds ?150 million to the
total value of potential milestone payments that Galapagos may receive under the
alliance. In the first quarter of 2010, Galapagos also announced milestones in
its metabolic and inflammatory disease alliances with Merck and delivery of a
third pre-clinical candidate in its arthritis alliance with GlaxoSmithKline.
During its R&D Update on 19 March 2010, Galapagos gave an overview of progress
made in its R&D portfolio and announced its plans to pursue cystic fibrosis in
its new strategy to deliver breakthrough medicines to patients with orphan
diseases. In the first quarter of 2010, Galapagos completed first-in-human
studies for candidate metastasis drug GLPG0187, which showed good safety and
biomarker response in healthy volunteers. Galapagos also successfully completed
Phase I studies for its lead rheumatoid arthritis candidate drug GLPG0259, which
showed good safety and pharmacokinetic profile in healthy volunteers. Galapagos
is on track to initiate future clinical trials, with plans to start
first-in-human trials shortly for its cachexia candidate drug, GLPG0492, as well
as the second drug candidate in its arthritis alliance with GSK, GLPG0634.
Galapagos also intends to commence patient trials for GLPG0259 and GLPG0187 in
the third quarter of 2010. Phase II studies for Nanocort for the treatment of
multiple sclerosis flares are ongoing, with interim results expected by the end
of 2010.
Galapagos expanded its service division through the acquisition of Argenta's
service operations in February 2010. Together, Argenta and BioFocus form one of
the world's largest drug discovery service operations, with 350 employees, an
estimated ?70 million in annual turnover and significant profitability. The
integration of Argenta within the Galapagos group has gone smoothly and Argenta
launched its new website (www.argentadiscovery.com
first quarter of 2010, BioFocus announced a new compound management contract
with the TB Alliance and achievement of target acceptance payments in the
collaboration with Ortho Biotech Oncology Research and Development. In April,
BioFocus announced its largest external collaboration to date: a five-year
collaboration with CHDI focused on discovering novel drugs for Huntington's
disease. BioFocus is eligible to receive ?31 million in research fees during
the five-year collaboration.
On the corporate level, Galapagos' annual general shareholders meeting held 27
April 2010 appointed Dr. Ronald Brus, CEO of Crucell, to Galapagos' Board of
Directors, succeeding Dr. Rudi Pauwels. Furthermore, Galapagos raised ?2.1
million in capital through employee warrant exercises in March 2010.
About Galapagos
Galapagos
biotechnology company specialized in the discovery and development of small
molecule and antibody therapies with novel modes-of-action. The Company is
progressing one of the largest pipelines in biotech, with four clinical and over
50 small molecule discovery/pre-clinical programs. Through risk/reward-sharing
alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co. and
Roche, Galapagos is eligible to receive up to ?3 billion in downstream
milestones, plus royalties. Together with its BioFocus
service operations, Galapagos has over 670 employees and operates facilities in
six countries, with global headquarters in Mechelen, Belgium. More info at:
www.glpg.com
CONTACTS
Galapagos NV
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
ir(at)glpg.com
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.
[HUG#1415810]
Unternehmensinformation / Kurzprofil:
Datum: 14.05.2010 - 07:31 Uhr
Sprache: Deutsch
News-ID 20881
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