MECHELEN, Belgium, March 7, 2014 (GLOBE NEWSWIRE) -- Galapagos NV (Euronext: GLPG) announced today the receipt of €2 million for a partial milestone in the osteoarthritis alliance with Servier. This payment contributes to Group revenues in 2013.
"We continue to make progress in this alliance, which aims to develop innovative osteoarthritis therapies based on novel targets identified by Galapagos," said Onno van de Stolpe, CEO of Galapagos.
In July 2010, Servier and Galapagos announced their alliance to develop new oral medicines for the treatment of osteoarthritis. Galapagos is responsible for the discovery and development of new candidate drugs against novel targets, and Servier has an exclusive option to license these after the completion of Phase 1 clinical trials. Galapagos is eligible to receive up to €290 million in success-based milestones, plus royalties on commercial sales. Galapagos also retains exclusive US commercialization rights to all commercial compounds.
About Servier
Founded in 1954, Servier is an independent French pharmaceutical research company. Its development is based on the continuous pursuit of innovation in the therapeutic areas of cardiovascular, metabolic, neurologic, psychiatric, bone and joint diseases as well as cancer. In 2013, the company recorded a turnover of 4.2 billion euros. 91% of Servier drugs are consumed internationally. 27% of turnover from Servier drugs were reinvested in Research and Development in 2013. With a strong international presence in 140 countries, Servier employs more than 21,000 people worldwide. The Servier Group contributed 35% to the 2013 French trade surplus in the pharmaceuticals sector. More information is available at: www.servier.com
About Galapagos
Galapagos (Euronext: GLPG; OTC: GLPYY) is specialized in novel modes-of-action, with a large pipeline comprising of six Phase 2 studies (three led by GSK), one Phase 1 study, six pre-clinical, and 20 discovery small-molecule and antibody programs in cystic fibrosis, inflammation, antibiotics, metabolic disease, and other indications. In the field of inflammation, AbbVie and Galapagos signed a worldwide license agreement whereby AbbVie will be responsible for further development and commercialization of GLPG0634 after Phase 2B. GLPG0634 is an orally-available, selective inhibitor of JAK1 for the treatment of rheumatoid arthritis and potentially other inflammatory diseases, currently in Phase 2B studies in RA and in Phase 2 in Crohn's disease. Galapagos out-licensed the selective JAK1 inhibitor GSK2586184, (formerly GLPG0778) to GlaxoSmithKline in 2012. It is currently in Phase 2 for psoriasis and ulcerative colitis. GLPG0974 is the first inhibitor of FFA2 to be evaluated clinically for the treatment of IBD; this program is currently in a Proof-of-Concept Phase 2 study. GLPG1205 is a first-in-class molecule that targets inflammatory disorders and has completed Phase 1. AbbVie and Galapagos signed an agreement in CF where they work collaboratively to develop and commercialize oral drugs that address two mutations in the CFTR gene, the G551D and F508del mutation. Potentiator GLPG1837 is at the pre-clinical candidate stage. The Galapagos Group, including fee-for-service companies BioFocus , Argenta and Fidelta , has around 800 employees and operates facilities in five countries, with global headquarters in Mechelen, Belgium. Further information at: www.glpg.com
CONTACTS
Servier
Servier Communication Department
Tel: +33 1 55 72 60 37
presse@servier.fr
Galapagos NV
Elizabeth Goodwin, Head of Corporate Communications & Investor Relations
Tel: +31 6 2291 6240
ir@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.
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