Galapagos in rheumatoid arthritis treatment deal with Janssen Pharmaceutica |
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Wed, 24 Oct 2007 06:33
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AMSTERDAM (Thomson Financial) - Galapagos NV said it has entered a partnership with Johnson&Johnson unit Janssen Pharmaceutica for the discovery and development of oral small molecule therapeutics for the treatment of rheumatoid arthritis (RA).Under the terms of the deal, Janssen Pharmaceutica will obtain an option to license Galapagos' internal programmes after completion of Phase IIa clinical studies.Galapagos will receive 15 mln eur in upfront cash payments, an initial 2 mln eur alliance milestone payment and a yearly option fee.It is also eligible for discovery, development, regulatory and sales milestones as well as licensing fees and double digit royalties on worldwide sales, with the partnership possibly worth more than 900 mln eur.In response to the deal, Galapagos raised its full-year 2007 revenue guidance to 60-64 mln eur from 54-58 mln.Additionally, the 2007 year-end cash position is now expected to exceed 48 mln eur compared to a previous guidance of a year-end cash position exceeding 31 mln.Aaron Gray-Block; aaron.gray-block@thomson.comagb/sljCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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