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Galapagos announces first milestone in osteoporosis collaboration with Lilly

21 Jul 2008 - Galapagos NV announced that it has reached the first milestone in its osteoporosis collaboration with Eli Lilly and Company, triggering a payment of EUR1 million from Lilly.
 
In December 2007, Lilly and Galapagos initiated a program to develop new medicines for the treatment of osteoporosis. The agreement provides Lilly access to 12 of Galapagos' novel proprietary osteoporosis targets that play a role in bone formation. Galapagos is responsible for the development of drug candidates through to Phase IIa clinical Proof of Concept.
 
Under the terms of the agreement, Lilly will have the exclusive option to further develop and commercialize these candidates on a worldwide basis. Galapagos will have the right to further develop and commercialize compounds for which Lilly does not exercise its option. In addition to the EUR3 million upfront payment received from Lilly, Galapagos is eligible to receive up to EUR88 million in discovery, development and regulatory milestones for each target program. Furthermore, should a product be commercialized, Galapagos could receive up to EUR130 million of one-time sales milestones and up to double-digit royalties on worldwide sales of alliance products.