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Dec 18, 2007

Galapagos Banks over $10M as a Milestone Fee from GSK

  • Galapagos reached significant milestones in its drug discovery alliance with GlaxoSmithKline (GSK) in osteoarthritis, triggering a payment of 7.5 million, or $10.79 million.

    This disbursement reportedly marks the fourth milestone payment since the start of the firms’ collaboration. It includes 5.9 million for the initiation of two drug discovery programs, both of which resulted due to the July expansion of their partnership. To date, Galapagos has received a total of 15.1 million in access and milestone payments from GSK. 

    The agreement orginated in June 2006, where in Galapagos would deliver disease-modifying drugs with clinical proof of concept for the treatment of osteoarthritis to GSK's global R&D organization.

    Earlier this year, GSK made a 4.4 million equity investment in Galapagos, and the alliance was expanded to include up to two selected GSK targets. The renewed transaction is worth up to 186 million in milestones plus up to double-digit royalties on global product sales.



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