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news.Ablynx, a developer of antibody-derived therapeutic proteins, has announced that it will receive milestone payments totaling E3 million from Boehringer Ingelheim triggered as part of its strategic alliance for the development and commercialization of Nanobodies.
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Ablynx and Boehringer Ingelheim have previously entered into an agreement to collaborate on the discovery, development and commercialization of up to 10 different Nanobody therapeutics across a range of multiple therapeutic areas including immunology, oncology and respiratory diseases.
The deal covers potential milestone payments of up to E125 million for each Nanobody developed as well as undisclosed royalties to Ablynx. Boehringer Ingelheim will be exclusively responsible for the development, manufacture and commercialization of any products resulting from the collaboration. Ablynx retains certain co-promotion rights in Europe.
Edwin Moses, CEO and chairman of Ablynx, said: “We are delighted to have made such rapid progress in our collaboration with Boehringer Ingelheim. The payment of milestones is a tangible sign of important technical achievement and we anticipate making further such progress during 2009.”