Wyeth licenses drug targets from osteoporosis collaboration with Galapagos
Mechelen, Belgium; 26 June 2007 – Galapagos NV (Euronext & LSE: GLPG) announced today that Wyeth (NYSE:WYE) has exercised its right to license three proprietary bone anabolic drug targets from their 2003 research agreement in osteoporosis, resulting in a €1.05 million milestone payment to Galapagos.
This is the second milestone reached in the osteoporosis collaboration initiated in November 2003. In the collaboration, Galapagos has applied its osteoporosis disease expertise to discover and validate novel drug targets for Wyeth. In November 2004, Wyeth selected a set of these targets for internal validation. Today’s milestone announcement is the result of Wyeth licensing three targets for its internal drug discovery research efforts. Under the terms of the 2003 agreement, Galapagos could receive milestone payments of up to €30 million from the collaboration. The targets involved in the Wyeth collaboration are unrelated to the suite of proprietary validated targets in Galapagos’ own osteoporosis program.
“Wyeth licensing targets identified by Galapagos speaks to the strengths and uniqueness of our target discovery approach,” said Onno van de Stolpe, Chief Executive Officer of Galapagos. “The expertise which led to this milestone with Wyeth also forms the basis for our own portfolio of novel targets in osteoporosis.”
Osteoporosis is principally a disease of middle age during which hormone levels essential for maintaining bone density decline. The development of osteoporosis is characterized by a clinically significant reduction in mean bone density due to an increase in bone resorption. The disease is four times more common in women than men. The enormous health care costs associated with osteoporosis, estimated at $15 billion in the USA, are related to the greatly increased incidence of fractures in osteoporosis patients. Whereas most current therapies have an anti-resorptive mechanism of action, agents with bone-forming properties can be identified for future therapies by identifying targets and molecules with anabolic functions and actions.
Galapagos (Euronext Brussels, GLPG; Euronext Amsterdam, GLPGA; London AiM: GLPG) is a drug discovery company with clinical and pre-clinical programs in bone and joint diseases, cachexia, and menopausal hot flashes. Its division BioFocus DPI offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. BioFocus DPI also provides adenoviral reagents for rapid identification and validation of novel drug targets, compound libraries for drug screening as well as chemogenomics and ADMET1 database products to select targets and compounds. Galapagos currently employs 450 people and operates facilities in eight countries, with global headquarters in Mechelen, Belgium. More information about Galapagos and BioFocus DPI can be found at www.glpg.com and www.biofocusdpi.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.
1ADMET is the acronym for Absorption, Distribution, Metabolism, Excretion, and Toxicity: Meeting parameters against these five criteria is critical to the success of a pharmaceutical compound as a drug.
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