MECHELEN, BELGIUM--(Marketwire - May 18, 2012) - Galapagos NV (Euronext: GLPG) announces
that the operational and financial results achieved thus far in 2012
the Company to retain full year 2012 financial guidance given earlier this
Group revenues of over EUR150 million (+30%), increased cash and
contribution from the service operations, with positive Group operational
and cash flow, and a positive Group net result in 2012.
"Galapagos expects to show results from the Phase IIa study with GLPG0634
end of this year," said Onno van de Stolpe, CEO of Galapagos.
recognition from the deal with Abbott on GLPG0634, combined with
revenues from the alliance business and another strong performance
service operations, will all contribute to an expected 30% growth in
revenues in 2012."
In the first quarter of 2012, Galapagos made several announcements
the quality of its research approach. The Company announced a
collaboration with Abbott to develop and commercialize selective JAK1
GLPG0634 to treat auto-immune diseases. Abbott made an initial upfront
of $150 million for rights related to the global collaboration. Upon
completion of the RA Phase II studies, Abbott will license the program
one-time fee of $200 million if the studies meet certain pre-agreed
Abbott will assume sole responsibility for Phase III clinical
global manufacturing. Pending achievement of certain developmental,
commercial and sales-based milestones, Galapagos would be eligible to
additional milestone payments from Abbott, potentially amounting to
billion, in addition to tiered double-digit royalties on net sales
commercialization. Galapagos retains co-promotion rights in Belgium,
Netherlands and Luxembourg.
In other news validating the Company's R&D approach, Galapagos
achievement of milestones in its alliances with Servier and Janssen for
completed in 2011. The Company also announced that GSK decided to
option to license GLPG0778 and GLPG0555, the first Galapagos alliance
to be in-licensed by a partner.
During its R&D Update on 18 April 2012, Galapagos presented an overview
R&D portfolio. GLPG0634 is expected to report topline data from a
study in 90 patients in multiple countries before year end, on
delivering the Phase IIb data package to Abbott before year end 2014.
also announced excellent Phase I First-in-Human results including a
effect with GLPG0974, achievement of Proof of Concept with antibodies
a Galapagos novel target in the alliance with MorphoSys, as well as
a new class of anti-bacterial compounds which act on MRSA bacteria. The
decided to stop work on GLPG0492 in cachexia and also announced the
of the anti-infective alliance with GSK, with the anti-bacterial
returning to Galapagos. Dr Piet Wigerinck was appointed Chief
Officer of Galapagos, responsible for all R&D activities of the Company.
BioFocus entered a new collaboration with Almirall in respiratory
both BioFocus and Argenta announced a multi-year drug discovery
with AstraZeneca. On the corporate level, Galapagos' annual
shareholders' meeting held 24 April 2012 approved all agenda
Furthermore, Galapagos raised EUR1,099,662.27 in capital through employee
exercises in March 2012, resulting in the issuance of 137,414 new shares.
Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size biotechnology
specialized in the discovery and development of small molecule and
therapies with novel modes-of-action. The Company is progressing
well as one of the largest pipelines in biotech, with four
development and over 50 discovery programs. The Galapagos Group has about
employees and operates facilities in six countries, with global
Mechelen, Belgium. More info at: www.glpg.com
This release may contain forward-looking statements, including,
limitation, statements containing the words "believes,"
"expects," "intends," "plans," "seeks," "estimates," "may," "will,"
"stands to," and "continues," as well as similar expressions. Such
forward-looking statements may involve known and unknown risks,
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factors which might cause the actual results, financial condition,
or achievements of Galapagos, or industry results, to be materially
from any historic or future results, financial conditions,
achievements expressed or implied by such forward-looking statements.
these uncertainties, the reader is advised not to place any undue
such forward-looking statements. These forward-looking statements speak
of the date of publication of this document. Galapagos expressly
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Source: Galapagos NV via Thomson Reuters ONE