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Galapagos and GlaxoSmithKline Expand Osteoarthritis Alliance
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Galapagos NV announced today that it has expanded the osteoarthritis alliance with GlaxoSmithKline (GSK) to include two additional drug targets.
For this expansion, Galapagos receives a payment from GSK of €2 million cash. This payment is in addition to the existing alliance terms, making the total alliance now worth up to €188 million. Including today's payment, Galapagos has received a total of €17.9 million in payments from GSK under this alliance.
In June 2006, GSK and Galapagos initiated a program to discover and develop disease-modifying drugs for GSK's global R&D organization. Through the agreement Galapagos broadened its drug discovery portfolio in the field of osteoarthritis, with the aim to develop candidate drugs through to successful Proof of Concept in clinical research Phase IIa.
GSK has exclusive options to further develop and commercialize these compounds on a worldwide basis. In July 2007, GSK and Galapagos signed an expansion to include two selected GSK targets.
This agreement further broadens the scope of the alliance between the two companies through the nomination of two additional targets.
"The expansion of the alliance with GSK confirms our strength in delivering in the alliance," said Onno van de Stolpe, Chief Executive Officer of Galapagos. "Together with the current programs advancing toward the clinic, we aim to progress these new targets to deliver Phase IIa clinical candidates to GSK."
For this expansion, Galapagos receives a payment from GSK of €2 million cash. This payment is in addition to the existing alliance terms, making the total alliance now worth up to €188 million. Including today's payment, Galapagos has received a total of €17.9 million in payments from GSK under this alliance.
In June 2006, GSK and Galapagos initiated a program to discover and develop disease-modifying drugs for GSK's global R&D organization. Through the agreement Galapagos broadened its drug discovery portfolio in the field of osteoarthritis, with the aim to develop candidate drugs through to successful Proof of Concept in clinical research Phase IIa.
GSK has exclusive options to further develop and commercialize these compounds on a worldwide basis. In July 2007, GSK and Galapagos signed an expansion to include two selected GSK targets.
This agreement further broadens the scope of the alliance between the two companies through the nomination of two additional targets.
"The expansion of the alliance with GSK confirms our strength in delivering in the alliance," said Onno van de Stolpe, Chief Executive Officer of Galapagos. "Together with the current programs advancing toward the clinic, we aim to progress these new targets to deliver Phase IIa clinical candidates to GSK."
