Ablynx Announces Extension of Nanobody Drug Discovery and Development Alliance
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Ablynx has announced that its drug discovery and development alliance with Novartis has been extended for another year.
Under the terms of the agreement, entered into in December 2005, the companies are collaborating to discover and develop novel Nanobody® based therapeutics against disease targets that are difficult to address with conventional antibodies or their fragments. Novartis has exclusive right to develop and commercialize the Nanobody® products resulting from the collaboration.
As part of the collaboration Ablynx receives license fees and funding for research and development: these are now extended for a further year. In addition, Ablynx is eligible for milestone payments and royalties upon commercialization.
Edwin Moses, CEO and Chairman of Ablynx, commented: "We are delighted our collaboration with Novartis, one of the leading pharmaceutical companies with a significant track record in innovative drug development, is extended for another year. This is an important partnership for Ablynx and we look forward to progressing our joint efforts to advance the Nanobody®-based programmes to the next stage.
