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Galapagos announces GSK decision to exercise option for investigational medicines GLPG0778 and GLPG0555

MECHELEN, BELGIUM--(Marketwire - Feb 21, 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 EUR34M 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) (PINKSHEETS: 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

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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Source: Galapagos NV via Thomson Reuters ONE

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Contact Information
CONTACT

Galapagos NV
Elizabeth Goodwin
Director Investor Relations
Tel: +31 6 2291 6240
Email Contact
 

Posted: February 2012


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