Galapagos announces PPAR-delta commercial license agreement with Hillcrest Therapeutics
February 01 2007 - 2:01AM
UK Regulatory
Mechelen, Belgium; 1 February 2007 - Galapagos NV (Euronext & LSE:
GLPG) announced today that it has signed an exclusive commercial
license agreement with US-based Hillcrest Therapeutics, Inc., in
which Hillcrest was granted worldwide rights to develop and
commercialize the PPAR-delta technology in all fields. PPAR-delta, a
drug discovery program addressing diabetes and obesity, has reached
the stage of candidate drug selection. Hillcrest Therapeutics,
located in San Diego, California, is a portfolio company of Paramount
BioSciences LLC, a leading drug development and company
capitalization firm. Total contract value for Galapagos amounts to
�770,000 in license fees, up to �27 million in potential milestones,
undisclosed milestone payments in Hillcrest equity, and single digit
royalties on commercial products arising from the program.
PPAR-delta[1] is a key regulator of the human body's control of
metabolism; as such, it is considered a valuable target for drug
discovery in diabetes and obesity. With the acquisition of
Inpharmatica Ltd. on 5 December 2006, Galapagos obtained the
downstream rights to the PPAR-delta program. Inpharmatica applied
its predictive drug discovery technologies to this internal R&D
program, developed proprietary lead series, and reached candidate
drug selection within 18 months of commencement. Paramount
BioSciences will be completing the development, clinical testing, and
commercialization of this program. Galapagos will have no further
involvement in the execution of the development.
"Galapagos is pleased to realize the upside of this drug discovery
program, which we obtained as a result of the Inpharmatica
acquisition," said Onno van de Stolpe, Chief Executive Officer of
Galapagos.
About Galapagos
Galapagos (Euronext Brussels, GLPG; Euronext Amsterdam, GLPGA; London
AiM: GLPG) is a drug discovery company with clinical and pre-clinical
programs in bone and joint diseases, cachexia, and menopausal hot
flashes. Its division BioFocus DPI offers a full suite of
target-to-drug discovery products and services to pharmaceutical and
biotech companies, encompassing target discovery and validation,
screening and drug discovery through to delivery of pre-clinical
candidates. BioFocus DPI also provides adenoviral reagents for rapid
identification and validation of novel drug targets, compound
libraries for drug screening as well as chemogenomics and ADMET[2]
database products to select targets and compounds. Galapagos
currently employs 450 people and operates facilities in eight
countries, with global headquarters in Mechelen, Belgium. More
information about Galapagos and BioFocus DPI can be found at
www.glpg.com.
About Hillcrest Therapeutics and Paramount BioSciences
Hillcrest Therapeutics, Inc. is a development stage biopharmaceutical
company focusing on cardiovascular and metabolic diseases. Founded
in 2006, it is a portfolio company of Paramount BioSciences, a
preeminent drug development and company capitalization firm, which
provides its portfolio companies with a wide-range of professional
and financial support services. More information can be found at
www.paramountbio.com.
CONTACT
Galapagos
NV
Dr Andre Hoekema
Senior Vice President Corporate Development
Tel: +31 65 151 7933
ir@glpg.com
Paramount BioSciences LLC
Tara Crosson
Chief Marketing Officer
Tel: +1 212 554 4351
tcrosson@paramountbio.com
This release may contain forward-looking statements, including,
without limitation, statements containing the words "believes,"
"anticipates," "expects," "intends," "plans," "seeks," "estimates,"
"may," "will," "could," "stands to," and "continues," as well as
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performance or achievements expressed or implied by such
forward-looking statements. Given these uncertainties, the reader is
advised not to place any undue reliance on such forward-looking
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date of publication of this document. Galapagos expressly disclaims
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thereto or any change in events, conditions or circumstances on which
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[1] PPAR-delta is the acronym for Peroxisome Proliferator Activated
Receptor, a nuclear receptor that responds to fatty acids.
[2] ADMET is the acronym for Absorption, Distribution, Metabolism,
Excretion and Toxicity: meeting parameters against these four
criteria is critical to the success of a pharmaceutical compound as a
drug.
Copyright � Hugin ASA 2007. All rights reserved.
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