Mechelen, Belgium; 25 May 2010 - Galapagos NV (Euronext: GLPG) announced today that it has reached milestones in its osteoporosis alliance with Eli Lilly and Company, resulting in payments of €2.9 million from Lilly.
In 2008, Lilly and Galapagos initiated their alliance to develop new medicines for the treatment of osteoporosis. The alliance agreement provides Lilly access to 12 of Galapagos' novel target based programs in osteoporosis, with Galapagos responsible for the development of drug candidates through to Phase IIa clinical Proof of Concept. To date, Galapagos has received a total of €9.8 million in payments from Lilly under the alliance.
"Our drug discovery approach has shown substantial progress despite the challenges intrinsic to working in the osteoporosis field," said Onno van de Stolpe, Galapagos' CEO. "The lead molecules that we have identified thus far show bone-building properties and we are further optimizing these molecules to deliver orally-available small molecules to Lilly's development team."
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 one of the largest pipelines in biotech, with four clinical and over 50 small molecule discovery/pre-clinical programs. Through risk/reward-sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co. and Roche, Galapagos is eligible to receive up to €3 billion in downstream milestones, plus royalties. Together with its BioFocus and Argenta service operations, Galapagos has over 670 employees and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More info at: www.glpg.com
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
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