ABLYNX will receive further milestone payments of EUR 3 million as part of its alliance
GHENT, Belgium - Ablynx [Euronext Brussels: ABLX] today announced that it will receive further milestone payments totalling €3 million from Boehringer Ingelheim, triggered as part of its strategic alliance for the development and commercialisation of Nanobodies®. Ablynx will now have earned a total of €9 million in milestone payments from Boehringer Ingelheim in 2009.
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 for example immunology, oncology and respiratory diseases. The agreement would allow potential milestone payments of up to €125 million for each Nanobody developed as well as undisclosed royalties to Ablynx. Boehringer Ingelheim is 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, said:
"Achieving three research-based milestones in less than one year demonstrates the significant progress made in our strategic alliance with Boehringer Ingelheim. We are delighted to see that the Nanobody platform delivers across multiple therapeutic areas and in complex target programmes." He added: "We look forward to seeing these Nanobody programmes progressing towards development."
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 230 employees. Ablynx completed a successful IPO on Euronext Brussels [ABLX] on 7 November 2007.
Ablynx is developing a portfolio of Nanobody-based therapeutics in a number of major disease areas, including inflammation, thrombosis, oncology and Alzheimer's disease. Nanobodies have been generated against more than 150 different disease targets. Efficacy data have been obtained in over 26 in vivo models for Nanobodies against a range of different targets.