Galapagos NV, Roche Pact Ends, Galapagos Takes Last $28 Million to Find a New Partner
Published: Mar 08, 2013
MECHELEN, BELGIUM--(Marketwire - March 08, 2013) -
* COPD alliance signed in December 2009 and broadened to fibrosis in December 2010
* Strategic change in therapy area at Roche resulted in conclusion of the Alliance
* Galapagos regains full rights to all programs
* Roche pays Galapagos EUR5.75 M for work completed in 2012
Galapagos NV (EURONEXT BRUSSELS: GLPG) announced today that it agreed with Roche to end their alliance in fibrosis. Roche will make a payment of EUR5.75 million to Galapagos for work completed in 2012, contributing to 2012 Group revenues.
With the ending of the alliance, Galapagos has regained the worldwide rights to all fibrosis assays and the targets discovered in the alliance. These novel targets were identified in various unique human primary cell assays mimicking fibrosis. Galapagos will have received a total of EUR16 million in upfront and milestone payments, including this latest payment.
"We regret that Roche ended the alliance due to a strategic change, but the good news is that all assets have returned to Galapagos," said Onno van de Stolpe, CEO of Galapagos. "Our plan is to find another partner to continue the search for compounds against these debilitating diseases."
Galapagos (Euronext: GLPG; OTC: 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: www.glpg.com
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 and Roche conclude strategic alliance: http://hugin.info/133350/R/1683707/551103.pdf
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Source: Galapagos NV via Thomson Reuters ONE [HUG#1683707]
Onno van de Stolpe
Chief Executive Officer
Tel: +31 6 2909 8028
Director Investor Relations
Tel: +31 6 2291 6240