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news.Boehringer Ingelheim has paid EUR5m as second milestone payment to Ablynx under an agreement which was originally signed in January 2007.
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The payment was made in connection with Boehringer‘s decision for executing the development of lead Nanobody candidate targeting Alzheimer’s disease.
Earlier, the research and licensing pact was signed for the discovery and development of new therapies for Alzheimer’s disease by utilizing Ablynx’s Nanobodies against a single disease target.
The collaboration has a potential value of $265m in upfront and milestone payments plus undisclosed royalties on product sales.
Under the pact, Boehringer has taken responsibility to develop, manufacture and commercialize all the products resulting from the collaboration.
Ablynx chairman and CEO Edwin Moses said they are delighted that Boehringer Ingelheim is making further progress with the Nanobody lead candidate which has the potential to be a first-in-class therapy for Alzheimer’s disease and they look forward to this product advancing into the clinic in 2012.