Health & Fitness
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Published in Health and Fitness on Tuesday, October 6th 2009 at 23:01 GMT by Market Wire
MECHELEN, BELGIUM--(Marketwire - October 7, 2009) -
Galapagos NV (Euronext: GLPG) announced today that it has reached the first milestone in its antibacterials and antivirals alliance with GlaxoSmithKline (GSK). For achieving this milestone, Galapagos receives a EUR 500,000 cash payment from GSK. To date, Galapagos has earned EUR 4 million in payments from GSK under this alliance.
In December 2007, GSK and Galapagos initiated a program 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 EUR 95 million in upfront fees, development and regulatory milestones payments for a product candidate. If a product is commercialized, Galapagos may receive up to EUR 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.
"Our discovery platform has delivered novel chemistry against GSK's viral and bacterial targets and we are in the process of further optimizing these molecules," said Onno van de Stolpe, Chief Executive Officer of Galapagos. "We remain on-track to deliver Phase IIa clinical candidates to GSK that offer new treatment prospects for a broad range of infectious diseases."
About infectious diseases
Infectious diseases are caused by pathogenic micro-organisms such as bacteria, viruses, parasites or fungi. The diseases can be spread, directly or indirectly, from one person to another[1]. Infectious diseases are a leading cause of death worldwide. Existing therapies against infectious diseases account for an estimated EUR 45 billion in annual global sales[2]. The need for new therapies is on the rise due to increasing resistance of micro-organisms to available therapies.
About Galapagos
Galapagos (Euronext: GLPG; OTC: GLPYY) is a drug discovery and development company with small molecule programs in bone and joint diseases, bone metastasis, cachexia, anti-infectives and metabolic diseases. It has established risk sharing alliances with GSK, Janssen Pharmaceutica, Eli Lilly and Merck and Co. Through an alliance with MorphoSys, Galapagos is also developing new antibody therapies in bone and joint diseases. Its division BioFocus offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies and to patient foundations, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. Galapagos currently employs 495 people and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More info at: [ www.glpg.com ].
CONTACT Galapagos NV Onno van de Stolpe, CEO Tel: +31 6 2909 8028 [ 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.
[1] [ http://www.who.int/topics/infectious_diseases/en/ ]
[2] Source: GlaxoSmithKline Annual Report 2006
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