Ablynx said this is the first development candidate emerging from the strategic alliance which the companies entered into in 2007, and will result in a EUR5m milestone payment to Ablynx.
Ablynx and Boehringer Ingelheim entered into an agreement in September 2007 to collaborate on the discovery, development and commercialisation of nanobody therapeutics across a range of areas including for example immunology, oncology and respiratory diseases.
The agreement allows for potential milestone payments of up to EUR125m plus royalties to Ablynx for each nanobody developed.
Boehringer Ingelheim is exclusively responsible for the development, manufacture and commercialisation of any products resulting from the collaboration.
Howevr, Ablynx retains certain co-promotion rights in Europe.
Ablynx chairman and CEO Edwin Moses said they are delighted to see this first lead programme progressing into development, just over three years since they entered into this collaboration with Boehringer Ingelheim.
"We are particularly pleased as this Nanobody candidate represents a promising new approach to potentially expand treatment options for cancer patients," Moses said.