Galapagos Delivers Candidate Drug in Its Alliance With Janssen Pharmaceutica, NV and Receives Milestone Payment
Mechelen, Belgium; 21 March 2012 - Galapagos NV (Euronext: GLPG)
announced today that it has identified a pre-clinical compound in
its alliance with Janssen Pharmaceutica NV. This achievement
triggered a milestone payment of €6.6 million to
Galapagos.
Today's pre-clinical candidate was developed by Galapagos against a
novel target discovered with Galapagos' proprietary platform.
Galapagos will now start comprehensive safety evaluation to advance
the compound towards Phase I clinical trials.
"Four years into the alliance, which started at the novel target
stage, we are excited to have delivered the first pre-clinical
candidate," said Onno van de Stolpe, CEO of Galapagos. "Our
alliances with pharma provide financing to survive industry
standard attrition and get a certain percentage of programs through
to the clinic. In this way, Galapagos continues to build a strong
R&D track record by efficiently delivering high quality
results, both in its alliance and proprietary therapeutic
pipelines."
In October 2007, Galapagos announced an alliance agreement with
Janssen Pharmaceutica providing Janssen Pharmaceutica with option
rights to acquire worldwide, commercial licenses to certain
Galapagos internal programs. Galapagos is eligible to receive up to
€73 million in milestones per program, plus royalties. To
date, Galapagos has received €31 million in alliance payments
from Janssen Pharmaceutica.
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
Galapagos NV
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
ir@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
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Posted: March 2012
