Mechelen, Belgium; 28 June 2011 - Galapagos NV (Euronext: GLPG) announced today that service division Argenta has signed a subcontracting agreement with Pulmagen Therapeutics Limited to perform integrated services on two respiratory projects.
Under the terms of the agreement, Argenta will be eligible to receive up to £6 million (€7 million) in fee-for-service payments over two years, with the possibility to extend. Building on its excellent reputation in respiratory diseases, Argenta will perform chemistry, biology, ADMET/PK and pharmacology services to bring two respiratory projects to pre-clinical status.
"We are pleased that Pulmagen has come to Argenta for two projects of such substantial scope. These projects will make a strong contribution to the service operations' performance in 2011," said Dr Chris Newton, SVP Services of Galapagos. "Today's agreement also demonstrates how well positioned Argenta is to perform longer term, integrated projects for its clients."
The deal with Argenta is part of a discovery and development collaboration that Pulmagen has established with Chiesi Farmaceutici S.p.A., a private Italian Group, with focus in respiratory diseases. The purpose of the discovery programs is to identify new compounds with anti-inflammatory potential to be developed for respiratory conditions characterized by a high unmet medical need such as COPD and cystic fibrosis. The terms of the collaboration between Pulmagen and Chiesi are not disclosed.
Argenta's contract research, which includes expertise in medicinal chemistry, computer-aided drug discovery, in vitro biology, analytics, in vivo pharmacokinetics, pharmacology and world-leading respiratory models, has a strong reputation for scientific excellence. Argenta is a service division of Galapagos NV (Euronext: GLPG) and employs over 140 people in the UK with its main operations in Harlow. More info at: www.argentadiscovery.com
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 programs in development and over 50 discovery programs. Through risk/reward-sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Roche and Servier, Galapagos is eligible to receive up to €2.5 billion in downstream milestones, plus royalties. 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
Pulmagen Therapeutics is a privately held Respiratory drug development company headquartered in Fulmer, UK. The company has developed a portfolio of clinical programmes targeting asthma and Chronic Obstructive Pulmonary Disease (COPD). Pulmagen was founded in 2010 following the sale of Argenta Discovery Limited, its drug discovery division, to Galapagos.
Dr Chris Newton, SVP Services
Tel: +44 1799 533 535
Elizabeth Goodwin, Director Investor Relations
Tel: +31 6 2291 6240
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