Shares of Belgium's Galapagos surged on the news that it had partnered with Germany's MorphoSys AG to develop antibodies for bone and joint diseases. The two companies plan to jointly invest 30 million to 60 million euros to advance three new programs into the clinic over the next four to five years. The two developers will split the costs as well as the revenue that is produced by the new programs.
Analysts were quick to endorse the pact, which they said could prove very profitable. And the two companies said that they may expand the partnership later as they progress.
"With this alliance, we are adding a biologics strategy to our small molecule drug discovery," said Onno van de Stolpe, CEO of Galapagos. "Galapagos is the world leader in discovery of novel targets, and this alliance with MorphoSys enables us to explore the potential of proprietary antibody targets. Antibody approaches have proven to be successful in developing new therapies for major diseases, including rheumatoid arthritis. Having both approaches, small molecules and antibodies, to fill our product pipeline in bone and joint disease will further establish Galapagos as the leader in this field."
- check out the press release