Galapagos NV Receives $9.7 Million in Servier Alliances
MECHELEN, BELGIUM--(Marketwire - March 06, 2013) - Galapagos NV (EURONEXT BRUSSELS: GLPG) today announced the achievement of milestones in the alliances with Servier in osteoarthritis and oncology. These milestones triggered payments to Galapagos totaling EUR7.5 million, contributing to 2012 Group revenues.
The osteoarthritis (OA) alliance with Servier was initiated in July 2010 to deliver new oral medicines. In October 2011 Galapagos announced a second alliance with Servier for innovative treatments in oncology. In both alliances, Galapagos is responsible for the discovery and development of new candidate drugs against novel targets. Galapagos is eligible to receive in excess of EUR500 million in success-based milestones, plus royalties on commercial sales. The company also retains exclusive US commercialization rights to all compounds discovered.
"We are very proud to announce the delivery of high quality compounds against our novel targets in both osteoarthritis and oncology," said Onno van de Stolpe, CEO of Galapagos. "Our alliances are proving to be very productive, with a total of eight pre-clinical candidates, 10 clinical programs, and two in-licensed programs delivered to alliance partners."
"We are very pleased with the progress of our alliances with Galapagos," said Bernard Marchand, Head of Discovery Research at Servier. "We are confident that they will continue to deliver results."
About Galapagos' osteoarthritis alliance with Servier
Servier and Galapagos entered into an alliance in July 2010 to develop new oral medicines for the treatment of osteoarthritis (OA). Galapagos is responsible for the discovery and development of new candidate drugs, and Servier has an exclusive option to license these after the completion of Phase I clinical trials. For any marketed products, Servier will have the rights to development, registration and commercialization, but Galapagos retains exclusive U.S. commercialization rights. Galapagos is also eligible to receive discovery, development, regulatory and other milestone payments that could reach EUR290 million, plus royalties upon commercialization of products outside the U.S. covered under the agreement.
About Galapagos' oncology alliance with Servier
In October 2011 Servier and Galapagos announced an alliance agreement building on a combination of novel Galapagos and Servier targets in oncology. Galapagos will be responsible for the discovery and development of new candidate drugs against these targets. Servier will have an exclusive option to license each program after the completion of pre-clinical development by Galapagos. Servier will be responsible for further clinical development, registration and commercialization. Galapagos retains exclusive rights for clinical development, registration and commercialization in the United States. Galapagos is eligible to receive discovery, development, regulatory and other milestone payments that could reach EUR260 million, plus royalties upon commercialization of products by Servier.
Servier is a privately-run research based pharmaceutical company with a 2012 turnover of EUR3.9 billion. Servier reinvests 25% of its turnover in Research & Development in cardiovascular, metabolic, neurological, psychiatric and bone and joint diseases as well as oncology. Servier is established in 140 countries worldwide with over 20,000 employees. More info at: www.servier.com
Galapagos (EURONEXT BRUSSELS: GLPG) (PINKSHEETS: GLPYY) is specialized in novel modes-of-action, with a large pipeline of four clinical, six pre-clinical, and 30 discovery small-molecule and antibody programs in cystic fibrosis, inflammation, antibiotics, metabolic disease, and other indications. GLPG0634 is an orally-available, selective inhibitor of JAK1 for the treatment of rheumatoid arthritis and potentially other inflammatory diseases, about to enter Phase 2b studies. AbbVie and Galapagos signed a worldwide license agreement whereby AbbVie will be responsible for further development and commercialization after Phase 2b. Galapagos has another selective JAK1 inhibitor in Phase 2 in lupus and psoriasis, GSK2586184 (formerly GLPG0778, in-licensed by GlaxoSmithKline in 2012). GLPG0187 is a novel integrin receptor antagonist currently in a Phase 1b patient study in metastasis. GLPG0974 is the first inhibitor of GPR43 to be evaluated clinically for the treatment of IBD; this program will start a Proof of Concept Phase 2 study in Q2 2013. The Galapagos Group, including fee-for-service companies BioFocus, Argenta and Fidelta, has over 800 employees and operates facilities in five countries, with global headquarters in Mechelen, Belgium. Further information at:
Galapagos forward-looking statements
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.
Galapagos receives EUR7.5 million in Servier alliances:
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Onno van de Stolpe
Chief Executive Officer
Tel: +31 6 2909 8028
Director Investor Relations
Tel: +31 6 2291 6240