Galapagos Receives €4 Million in Milestones from Servier
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Galapagos NV has announced that it reached milestones in its osteoarthritis alliance with Servier, resulting in payments in 2010 revenues totaling €4 million from Servier.
In July 2010, Servier and Galapagos announced their alliance to develop new medicines for the treatment of osteoarthritis. Galapagos is responsible for the discovery and development of new candidate drugs and Servier has an exclusive option to license these after the completion of Phase I clinical trials by Galapagos. To date, Galapagos has received a total of €11 million in payments from Servier under the alliance.
"We are delighted to reach the first milestones in the osteoarthritis alliance with Servier just six months after initiating the alliance," said Onno van de Stolpe, Galapagos' CEO. "The milestones announced today involve the optimization of molecules that have shown promise in altering the course of osteoarthritis."
"We are very pleased with the progress of our alliance with Galapagos so far. This is in line with Servier's commitment to develop disease-modifying drugs for sufferers of uncured diseases, such as OA, a debilitating disease that affects 12% of the world population, leading to severe and costly handicaps," said Emmanuel Canet, Head of R&D at Servier.