GHENT, BELGIUM--(Marketwire - June 02, 2010) -
GHENT and LEUVEN, Belgium, 2 June 2010 - Ablynx NV [Euronext Brussels: ABLX] and
reMYND NV announced today that they have reached a settlement concerning a
dispute relating to a collaboration agreement to discover and commercialize new
Nanobodies(®) which Ablynx and reMYND entered into in 2003.
In 2007, Ablynx was notified by reMYND that a difference of interpretation
existed in respect of Ablynx's contractual obligation to reMYND under the 2003
agreement. Under this agreement, Ablynx had the obligation to pay reMYND 50% of
any income received if certain Nanobodies from the above collaboration were
licensed to a third party for development and commercialization. Ablynx has a
collaboration with Boehringer Ingelheim in the area of Alzheimer's disease with
a potential deal value of $265 million plus royalties, under which, at this
time, it believes, in contrast to reMYND, that no license to develop or
commercialize any of the aforementioned Nanobodies has been granted.
In order to amicably resolve the dispute, Ablynx and reMYND have signed a
settlement agreement which terminates the 2003 agreement and under which reMYND
could receive up to EUR2 million in payments based on successful achievement of
milestones in Ablynx's Alzheimer's collaboration with Boehringer Ingelheim, as
well as a 1% royalty on sales of any products potentially arising from this
collaboration.
Dr Edwin Moses, CEO and Chairman of Ablynx, commented: "We are pleased that we
have amicably resolved our differences with reMYND." Koen De Witte, Managing
Director of reMYND, added: "It is good that we have this behind us, and can now
focus on the future".
-ends-
[HUG#1421228]
Complete version of the press release: http://hugin.info/137912/R/1421228/370555.pdf
