ENGINEERINGNET.EU -- Abbott and the Belgian biotech firm Galapagos announce a global collaboration to develop and commercialize an oral, next-generation JAK1 inhibitor with the potential to treat multiple autoimmune diseases.
Under the terms of the agreement, Abbott will make an initial upfront payment of $150 million for rights related to the global collaboration.
Upon successful completion of the RA Phase II studies, Abbott will license the program for a one-time fee of $200 million if the studies meet certain pre-agreed criteria.
Abbott will assume sole responsibility for Phase III clinical development and global manufacturing.
Pending achievement of certain milestones, Galapagos would be eligible to receive additional milestone payments, potentially amounting to $1.0 billion, in addition to tiered double-digit royalties on net sales upon commercialization.
Galapagos retains co-promotion rights in Belgium, the Netherlands and Luxembourg.
Onno van de Stolpe, chief executive officer, Galapagos: “With GLPG0634 we have proven that we can deliver from target to clinical Proof of Concept, and we aim to do the same on many novel target programs in our pipeline.”
(picture: Galapagos)
BACKGROUNDER
The Belgian biotechnology company Galapagos is a mid-size specialized in the discovery and development of small molecule and antibody therapies with novel modes-of-action. The company has one of the largest pipelines in biotech, with four programs in development and over 50 discovery programs. The Galapagos Group has about 800 employees and operates facilities in six countries, with global headquarters in Mechelen, Belgium.
