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(SkyNewswire.com)---MECHELEN, BELGIUM--Mechelen, Belgium; 17 July 2008 - Galapagos NV (Euronext: GLPG) announced today that Boehringer Ingelheim has exercised its right to license two drug targets from the autoimmune research agreement with Galapagos' BioFocus DPI service division, resulting in a milestone payment to Galapagos.
This is the second milestone reached in the three-year collaboration initially announced in January 2006. In the collaboration, BioFocus DPI applied its SilenceSelect® shRNA-based gene collection to run a target discovery screen for Boehringer Ingelheim's autoimmune discovery research. BioFocus DPI obtained upfront fees, research and development funding and will receive milestone fees when certain drug discovery criteria are met. Should all criteria on a target be achieved, total potential contract value for BioFocus DPI may exceed EUR 2 million per target.
"We are delighted that targets identified through our shRNA screening approach have met Boehringer's selection criteria," said Onno van de Stolpe, Chief Executive Officer of Galapagos. "This is further testament that the target discovery research performed at Galapagos and BioFocus DPI meets the standards of the world's leading pharmaceutical companies."
About Galapagos
Galapagos (Euronext Brussels: GLPG; Euronext Amsterdam: GLPGA; OTC: GLPYY) is a drug discovery company with pre-clinical programs in bone and joint diseases and bone metastasis. Its BioFocus DPI division offers a full suite of target-to-drug discovery products and services to pharmaceutical and biotech companies, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates. BioFocus DPI also provides adenoviral reagents for rapid identification and validation of novel drug targets, compound libraries for drug screening as well as chemogenomics and ADMET database products to select targets and compounds. Galapagos currently employs 470 people and operates facilities in six countries, with global headquarters in Mechelen, Belgium. More information about Galapagos and BioFocus DPI can be found at www.glpg.com and www.biofocusdpi.com.
CONTACT
Galapagos NV
Onno van de Stolpe, CEO
Tel: +31 6 2909 8028
ir@glpg.com
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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