Mechelen, Belgium; 1 February 2007 - Galapagos NV (Euronext & LSE: GLPG) announced today that it has signed an exclusive commercial license agreement with US-based Hillcrest Therapeutics, Inc., in which Hillcrest was granted worldwide rights to develop and commercialize the PPAR-delta technology in all fields. PPAR-delta, a drug discovery program addressing diabetes and obesity, has reached the stage of candidate drug selection. Hillcrest Therapeutics, located in San Diego, California, is a portfolio company of Paramount BioSciences LLC, a leading drug development and company capitalization firm. Total contract value for Galapagos amounts to EUR 770,000 in license fees, up to EUR 27 million in potential milestones, undisclosed milestone payments in Hillcrest equity, and single digit royalties on commercial products arising from the program.
