Galapagos NV (Euronext: GLPG) announced today the achievement of a second partial milestone, thereby completing the nomination of a new pre-clinical candidate in the osteoarthritis alliance with Servier. On March 7, Galapagos announced the receipt of €2M as the first partial milestone. Today's payment remains undisclosed and contributes to Group revenues in the first half of 2014.
"GLPG1972 is the second candidate drug that Galapagos delivers in the osteoarthritis alliance with Servier. Today's candidate marks an important step toward finding a disease-modifying therapy for patients suffering from osteoarthritis, the most common skeletal disorder worldwide, and for which the unmet medical need remains large," said Onno van de Stolpe, CEO of Galapagos.
"Servier is committed to develop medicines which actually address the cause of the diseases. The achievement of this milestone reflects the strength and commitment in our relationship with Galapagos in the field of osteoarthritis. We look forward to continuing our collaboration to advance into clinical development" said Dr Patricia Belissa Mathiot, Director of Rheumatology Innovative Pole at Servier.
In July 2010, Servier and Galapagos announced their alliance to develop new oral medicines for the treatment of osteoarthritis. Galapagos is responsible for the discovery and development of new candidate drugs against novel targets, and Servier has an exclusive option to license these after the completion of Phase 1 clinical trials. Galapagos is eligible to receive up to €290 million in success-based milestones, plus royalties on commercial sales. Galapagos also retains exclusive US commercialization rights to all commercial compounds.
Founded in 1954, Servier is an independent French pharmaceutical research company. Its development is based on the continuous pursuit of innovation in the therapeutic areas of cardiovascular, metabolic, neurologic, psychiatric, bone and joint diseases as well as cancer. In 2013, the company recorded a turnover of 4.2 billion euros. 91% of Servier drugs are consumed internationally. 27% of turnover from Servier drugs were reinvested in Research and Development in 2013. With a strong international presence in 140 countries, Servier employs more than 21,000 people worldwide. The Servier Group contributed 35% to the 2013 French trade surplus in the pharmaceuticals sector. More information is available at: www.servier.com