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.
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
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
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