ABLYNX Receives EUR 3 million in Milestone Payments
GHENT, Belgium - Ablynx [Euronext Brussels: ABLX], a pioneer in the discovery and development of Nanobodies®, a novel class of antibody-derived therapeutic proteins, today announced that it will receive milestone payments totalling €3 million from Boehringer Ingelheim triggered as part of its strategic alliance for the development and commercialisation of Nanobodies®.
Ablynx and Boehringer Ingelheim entered into an agreement in September 2007 to collaborate on the discovery, development and commercialisation of up to 10 different Nanobody® therapeutics across a range of multiple therapeutic areas including immunology, oncology and respiratory diseases. The deal covers potential milestone payments of up to €125 million for each Nanobody® developed as well as undisclosed royalties to Ablynx. Boehringer Ingelheim will be exclusively responsible for the development, manufacture and commercialisation of any products resulting from the collaboration. Ablynx retains certain co-promotion rights in Europe.
Dr Edwin Moses, CEO and Chairman of Ablynx, commented:
"We are delighted to have made such rapid progress in our collaboration with Boehringer Ingelheim. The payment of milestones is a tangible sign of important technical achievement and we anticipate making further such progress during 2009."
About Ablynx [Euronext Brussels: ABLX] - www.ablynx.com
Founded in 2001 in Ghent, Belgium, Ablynx is a biopharmaceutical company focused on the discovery and development of Nanobodies®, a novel class of therapeutic proteins based on single-domain antibody fragments, for a range of serious and life-threatening human diseases. The Company currently has over 200 employees. Ablynx completed a successful IPO on Euronext Brussels [ABLX] on 7 November 2007.
Ablynx is developing a portfolio of Nanobody®-based therapeutic programmes in a number of major disease areas, including inflammation, thrombosis, oncology and Alzheimer's disease. Nanobodies® have been generated against more than 100 different disease targets. Importantly the Nanobodies® which naturally exist in llamas have a very high homology with humans.