Galapagos Receives €2 Million from Osteoarthritis Alliance with Servier
News Mar 11, 2014
Galapagos NV has announced 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.