MECHELEN, BELGIUM--(Marketwire - May 25, 2010) - Galapagos NV (Euronext: GLPG) announced today that it has reached milestones in its osteoporosis alliance with Eli Lilly and Company, resulting in payments of EUR2.9 million from Lilly.
In 2008, Lilly and Galapagos initiated their alliance to develop new medicines for the treatment of osteoporosis. The alliance agreement provides Lilly access to 12 of Galapagos’ novel target based programs in osteoporosis, with Galapagos responsible for the development of drug candidates through to Phase IIa clinical Proof of Concept. To date, Galapagos has received a total of EUR9.8 million in payments from Lilly under the alliance.
“Our drug discovery approach has shown substantial progress despite the challenges intrinsic to working in the osteoporosis field,” said Onno van de Stolpe, Galapagos’ CEO. “The lead molecules that we have identified thus far show bone-building properties and we are further optimizing these molecules to deliver orally-available small molecules to Lilly’s development team.”
About Galapagos
Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size biotechnology company specialized in the discovery and development of small molecule and antibody therapies with novel modes-of-action. The Company is progressing one of the largest pipelines in biotech, with four clinical and over 50 small molecule discovery/pre-clinical programs. Through risk/reward- sharing alliances with GlaxoSmithKline, Lilly, Janssen Pharmaceutica, Merck & Co. and Roche, Galapagos is eligible to receive up to EUR3 billion in downstream milestones, plus royalties. Together with its BioFocus and Argenta service operations, Galapagos has over 670 employees and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More info at: www.glpg.com
CONTACT Galapagos NV Onno van de Stolpe, CEO Tel: +31 6 2909 8028 ir@glpg.com Elizabeth Goodwin, Director Investor Relations Tel: +31 6 2291 6240 ir@glpg.com
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.
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