Galapagos delivers candidate drug in its alliance with Janssen Pharmaceutica NV and receives EUR4 million milestone payment
MECHELEN, BELGIUM--(Marketwire - Jan 16, 2013) - Galapagos NV (Euronext: GLPG) announced today that it has identified a second pre-clinical compound in its alliance with Janssen Pharmaceutica NV. This achievement triggered a milestone payment of EUR4 million to Galapagos.
In 2007, Galapagos announced an alliance agreement with Janssen Pharmaceutica NV providing it with option rights to acquire worldwide, commercial licenses to certain Galapagos internal programs. The milestone announced today relates to the delivery of a second pre-clinical candidate developed by Galapagos.
"We are very pleased to announce the delivery of a second candidate drug in the alliance with Janssen," said Onno van de Stolpe, CEO of Galapagos. "Galapagos is progressing multiple programs successfully across different alliances and delivering promising candidate drugs."
Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size clinical stage biotechnology company specialized in the discovery and development of small molecule and antibody therapies with a novel mode-of-action. The Company is progressing four clinical, six pre-clinical, and 30 discovery programs in cystic fibrosis, inflammation, antibiotics, metabolic disease, and other indications. Its lead program is GLPG0634, an orally-available, selective inhibitor of JAK1, for the treatment of rheumatoid arthritis and potentially other inflammatory diseases. In two four-week Phase 2 studies, GLPG0634 showed improvement in the signs and symptoms of rheumatoid arthritis and a unique safety profile. A 6 month Phase 2b study is expected to start Q2 2013 with top line data expected in Q4 2014. AbbVie and Galapagos signed a worldwide license agreement whereby AbbVie will be responsible for further development and commercialization after Phase 2b. Galapagos is also progressing two other clinical development programs with clinical readouts expected in 2013: GLPG0187, a novel integrin receptor antagonist in development for metastasis, is in a Phase 1b patient study; GLPG0974 is the first inhibitor of GPR43 to be evaluated clinically for the treatment of IBD. This program is in a second Phase 1 study and 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 about the company and its drug development programs can be found online 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.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Galapagos NV via Thomson Reuters ONE
Onno van de Stolpe
Tel: +31 6 2909 8028
Director Investor Relations
Tel: +31 6 2291 6240