January 9, 2013 / 6:51 AM / 5 years ago

Galapagos secures milestone payment from GSK

BRUSSELS (Reuters) - Belgian biopharmaceutical company Galapagos said on Wednesday it had delivered a fifth pre-clinical drug candidate to GlaxoSmithKline, triggering a milestone payment.

Signage is pictured on the company headquarters of GlaxoSmithKline in west London July 21, 2008. GlaxoSmithKline announce their half yearly results on Wednesday July 23. REUTERS/Toby Melville

Galapagos did not specify the amount of the payment, which is the result of 2006 alliance signed by the two companies related to medicines to fight immuno-inflammatory diseases.

According to the companies’ agreement, Galapagos has the potential to receive more than 200 million euros in total milestone payments, plus up to double-digit percentage royalties.

Reporting By Philip Blenkinsop

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