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news.Galapagos has announced that it has reached significant milestones in its multi-year drug discovery alliance with GlaxoSmithKline in osteoarthritis, triggering a payment of E7.5 million from GlaxoSmithKline.
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In June 2006, GlaxoSmithKline’s (GSK’s) Center of Excellence for External Drug Discovery and Galapagos initiated a program to deliver disease-modifying drugs with clinical proof of concept to GSK’s global R&D organization. The aim of this agreement is for Galapagos to expand its portfolio of novel targets in the field of osteoarthritis. In July 2007, GSK made a E4.4 million equity investment in Galapagos and the alliance was expanded to include up to two selected GSK targets.
The latest payment is the fourth milestone payment to Galapagos since the start of the osteoarthritis alliance. The milestone of E7.5 million includes an E5.9 million payment for initiating two drug discovery programs from GSK that have been brought into the alliance as a consequence of the expansion of the alliance between Galapagos and GSK in July. To date, Galapagos has received a total of E15.1 million in access fees and milestone payments from GSK under the alliance.
Onno van de Stolpe, CEO of Galapagos, said: “Achieving these significant milestones according to plan is evidence that we can deliver on our risk/reward sharing alliances with pharma. Furthermore, we have demonstrated that this model is a viable strategy to progress a number of drug discovery programs while retaining the upside.”