Wyeth Licenses Drug Targets from Osteoporosis Collaboration with Galapagos
Date Posted: Tuesday, June 26, 2007
Galapagos NV has announced that Wyeth has exercised its right to license three proprietary bone anabolic drug targets from their 2003 research agreement in osteoporosis, resulting in a €1.05 million milestone payment to Galapagos.
This is the second milestone reached in the osteoporosis collaboration initiated in November 2003.
In the collaboration, Galapagos has applied its osteoporosis disease expertise to discover and validate novel drug targets for Wyeth. In November 2004, Wyeth selected a set of these targets for internal validation. This milestone announcement is the result of Wyeth licensing three targets for its internal drug discovery research efforts.
Under the terms of the 2003 agreement, Galapagos could receive milestone payments of up to €30 million from the collaboration. The targets involved in the Wyeth collaboration are unrelated to the suite of proprietary validated targets in Galapagos' own osteoporosis program.
"Wyeth licensing targets identified by Galapagos speaks to the strengths and uniqueness of our target discovery approach," said Onno van de Stolpe, Chief Executive Officer of Galapagos. "The expertise which led to this milestone with Wyeth also forms the basis for our own portfolio of novel targets in osteoporosis."
Further Information: http://www.glpg.com