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
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.
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
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
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.
Posted: March 2012
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