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Galapagos achieves milestones in two strategic alliances

18 October 2010 at 17:45 CET

Mechelen, Belgium; 18 October 2010 - Galapagos NV (Euronext: GLPG) announced today achievement of milestones totaling 2.5 million in two of its strategic alliances. 

 

In the alliance with Janssen Pharmaceutica NV (Janssen) in rheumatoid arthritis, Galapagos received a milestone payment of 1.5 million.  To date, Galapagos has earned more than 24 million in payments from Janssen under this alliance.

 

In Galapagos' alliance with GlaxoSmithKline (GSK) in the area of infectious diseases, Galapagos received a 1 million milestone payment.  Since initiation of this alliance at the end of 2007, Galapagos has received a total of 6 million under the anti-infectives alliance with GSK.

 

"Galapagos continues to make progress across its strategic alliances, showing that our alliance model delivers strong growth in R&D revenues," said Onno van de Stolpe, CEO of Galapagos. 

 

 

About Galapagos' alliance with Janssen Pharmaceutica in rheumatoid arthritis
In October 2007, Galapagos announced an alliance agreement with Janssen Pharmaceutica NV (Janssen) providing Janssen with option rights to acquire worldwide, commercial licenses to novel small molecules from Galapagos' internal programs involving rheumatoid arthritis therapeutic targets.  For each alliance program licensed by Janssen under this alliance agreement, contingent on discovery, development and regulatory accomplishments, Galapagos could receive option exercise fees and milestone payments up to 73 million, plus royalties on net sales of each approved new RA drug. 

 

 

About Galapagos' alliance with GlaxoSmithKline in infectious diseases
GSK and Galapagos initiated a program in December 2007 to discover and develop novel anti-infective drug candidates for GSK's Infectious Diseases Centre of Excellence in Drug Discovery (ID CEDD).  The scope of the alliance was broadened in January 2009 to include three additional GSK targets.  Galapagos is responsible for the discovery and development of drug candidates through to clinical Proof of Concept, at which point GSK will have exclusive option to license each compound for further development and commercialization on a worldwide basis.

 

Under the terms of the alliance, Galapagos could be eligible to receive up to 95 million in upfront fees, development and regulatory milestones payments for a product candidate.  If a product is commercialized, Galapagos may receive up to 120 million for achievement of specific sales milestones.  Galapagos is also eligible to receive up to double-digit royalties on worldwide sales of alliance products.

 

 

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 one of the largest pipelines in biotech, with six clinical and over 50 small molecule discovery/pre-clinical programs.  Through risk/reward-sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co., Roche and Servier, Galapagos is eligible to receive up to 3.3 billion in downstream milestones, plus royalties.  The Galapagos Group has over 800 employees and operates facilities in seven countries, with global headquarters in Mechelen, Belgium.   More info at: www.glpg.com

 

 

CONTACTS

 

Galapagos NV
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028

 

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 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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