Galapagos achieves multiple milestones in rheumatoid arthritis alliance
Mechelen, Belgium - Galapagos NV (Euronext: GLPG) announced today achievement of multiple milestones under its alliance agreement in rheumatoid arthritis. The milestones trigger a cash payment of 10.2 million to Galapagos.
In October 2007, Galapagos announced an alliance agreement with Janssen Pharmaceutica NV (Janssen) providing Janssen with option rights to acquire worldwide, commercial licenses to novel small molecules from up to 12 of Galapagos’ internal programs involving rheumatoid arthritis therapeutic targets. The milestones announced today are the result of several of these programs reaching the next phase of medicinal chemistry optimization.
“We are pleased that the molecules derived under the rheumatoid arthritis alliance have met the agreed upon criteria,” said Onno van de Stolpe, CEO of Galapagos. “Galapagos continues to deliver high quality research and remains on course for achieving its goals for the year.”
Galapagos (Euronext: GLPG; OTC: GLPYY) is a drug discovery and development company with small molecule programs in bone and joint diseases, bone metastasis, cachexia, anti-infectives and metabolic diseases. It has established risk sharing alliances with GlaxoSmithKline, Lilly and Merck and Co. Through an alliance with MorphoSys, Galapagos is also developing new antibody therapies in bone and joint diseases. Its division BioFocus offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies and to patient foundations, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. Galapagos currently employs 495 people and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More info at: www.glpg.com.
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