Galapagos in drug discovery collaboration with Cystic Fibrosis Foundation |
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Thu, 29 Nov 2007 09:29
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LONDON (Thomson Financial) - Belgian biotechnology company Galapagos and Cystic Fibrosis Foundation Therapeutics (CFFT) announced a new drug discovery collaboration worth up to 8.1 mln usd.The companies said under the terms of the deal, Galapagos stands to receive up to 2.4 mln usd in upfront and research fees over the next two years, and up to 5.7 mln usd in success-based milestone payments, should certain clinical development criteria be met.This drug discovery collaboration is in addition to an ongoing target discovery program established between CFFT and Galapagos' service division BioFocus DPI in April 2005, the companies added.The collaboration will try to identify small molecules derived from natural sources that improve the function of a defective protein found in people who have cystic fibrosis, the groups stated.At 9.13 am, shares were 0.33 eur, or 4.83 pct higher, at 7.16 eur, while the Bel 20 was up 52.68 points, or 1.29 pct, at 4,143.66.TFN.newsdesk@thomson.comnpr/jlcCOPYRIGHTCopyright 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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