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GEN News Highlights : Feb 1, 2007

Galapagos Licenses its Obesity and Diabetes Discovery Technology for Upwards of Euro 27.77M

Hillcrest gains PPAR-delta, which is a key regulator of the human body’s control of metabolism.

Hillcrest Therapeutics obtained rights to develop and commercialize Galapagos’  diabetes and obesity discovery program. According to the exclusive commercial license agreement, Hillcrest received worldwide rights to the PPAR-delta technology in all fields, which has reached the candidate drug-selection stage.

Total contract value for Galapagos amounts to Euro 770,000 in license fees, up to Euro 27 million in potential milestones, undisclosed milestone payments in Hillcrest equity, and single-digit royalties on commercial products arising from the program.

PPAR-delta is a key regulator of the human body’s control of metabolism. With the acquisition of Inpharmatica in December 2006, Galapagos obtained the downstream rights to the PPAR-delta program.

Hillcrest Therapeutics is a portfolio company of Paramount BioSciences, who will complete the development, clinical testing, and commercialization of this program. Galapagos will have no further involvement in the execution of the development.