Fibrocor and Galapagos sign expanded collaboration in fibrosis
Mechelen, Belgium and Toronto, Canada; 15
January 2020, 7.30 CET – Galapagos NV (Euronext & NASDAQ: GLPG)
and Fibrocor Therapeutics Inc. (Fibrocor) today announced an
expanded collaboration focused on novel targets in fibrosis, with
Galapagos taking an equity stake in Fibrocor.
Fibrocor is a privately held Canadian company
specializing in the development of tissue-specific therapeutics to
treat fibrotic diseases of the kidney, liver, lung and other
organs. To date, the company has successfully identified a suite of
novel targets in fibrosis through its target discovery platform
leveraging a human fibrosis biobank.
In January 2019, Galapagos announced a
collaboration with Fibrocor for a small molecule inhibitor program
focused on an undisclosed fibrotic target. Under the expanded
collaboration announced today, Galapagos receives the exclusive
option to inlicense a total of four additional novel target
programs. Galapagos can lift the option after the targets, two of
which have already been identified, have been validated and brought
into drug discovery, and reach the lead optimization stage.
Fibrocor remains responsible for all research activity until lead
optimization, after which Galapagos takes charge of all further
development.
In exchange for global commercialization rights
to Galapagos, Fibrocor will receive an upfront payment, and is
eligible for option exercise payments as well as further milestone
and royalty payments.
As part of the transaction, Galapagos also takes
an equity position in Fibrocor, and nominated Dr. Paul Van der
Horst, Head of Business Development at Galapagos, to join the Board
of Directors as non-executive Board member.
“We would first like to welcome Dr. Paul Van der
Horst to the board and think he will make an excellent addition to
the team,” says Mark Steedman, President and CEO of Fibrocor. “This
expansion agreement deepens our relationship and provides
commercial line of sight for our drug discovery efforts with one of
the leading European biotech companies. We feel very fortunate to
be in this position and look forward to the hard work ahead to make
the collaboration a continued success.”
“It’s wonderful to see outstanding science
coming together with such exceptional partners to chart a new way
forward in fibrosis target discovery and drug development,” added
Fibrocor Prof. Richard Gilbert, Chief Scientific Officer of
Fibrocor.
“The expanded collaboration with Fibrocor
announced today fits perfectly into our continued efforts to
broaden our pipeline in fibrosis,” says Dr. Piet Wigerinck, Chief
Scientific Officer at Galapagos. “The discovery approach at
Fibrocor is clearly successful in identifying interesting novel
targets, and we are fully committed to working closely with the
Fibrocor team to discover new therapies to address the large unmet
medical need in fibrosis.”
About FibrocorFibrocor Therapeutics Inc.,
a TIAP spin out company, represents a new paradigm in drug
discovery research as it marries a state of the art genomics
platform (developed by Dr. Jeff Wrana) to a kidney biobank (led by
Dr. Darren Yuen), ultimately uncovering underlying genetic
factors associated with specific clinical populations, and using
longitudinal data to uncover rapid progressors of the disease.
TIAP is a leading provider of commercialization
services, early-stage funding, and deal-brokering with industry and
private investors. As a member-based organization made up of 14
member institutions, including the University of Toronto and
affiliated teaching hospitals, TIAP’s mandate is to drive the
commercialization of their most promising research breakthroughs
through important global and strategic partnerships.
About GalapagosGalapagos (Euronext &
NASDAQ: GLPG) discovers and develops small molecule medicines with
novel modes of action, several of which show promising patient
results and are currently in late-stage development in multiple
diseases. Galapagos’ pipeline comprises Phase 3 through to
discovery programs in inflammation, fibrosis, osteoarthritis and
other indications. The Company’s ambition is to become a leading
global biopharmaceutical company focused on the discovery,
development and commercialization of innovative medicines.
Contacts Galapagos:
Investors:Elizabeth GoodwinVP Investor Relations +1 781
460 1784
Sofie Van GijselDirector Investor Relations+32 485 19 14
15ir@glpg.com
Media:Carmen VroonenSenior Director Communications &
Public Affairs+32 473 824 874
Evelyn FoxDirector Communications +31 6 53 591 999
communications@glpg.com
Contact Fibrocor:Mark SteedmanCEO+1 416
903 4011
Forward-looking statements
This release may contain forward-looking
statements, including, among other things, statements regarding the
identification and validation of targets by Fibrocor, the potential
future exercise of any option granted to Galapagos, the mechanism
of action and profile of, and timing and results of clinical trials
with, and potential commercialization of, any compounds coming out
of any inlicensed program, as well as statements regarding
potential future option exercise, milestone and royalty payments.
Galapagos cautions the reader that forward-looking statements are
not guarantees of future performance. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which might cause the actual results, financial condition and
liquidity, performance or achievements of Galapagos, or industry
results, to be materially different from any historic or future
results, financial conditions and liquidity, performance or
achievements expressed or implied by such forward-looking
statements. In addition, even if Galapagos’ results, performance,
financial condition and liquidity, and the development of the
industry in which it operates are consistent with such
forward-looking statements, they may not be predictive of results
or developments in future periods. Among the factors that may
result in differences are that Galapagos’ expectations regarding
the further development of any potential future inlicensed program,
including its potential to address a large unmet need in fibrosis,
may be incorrect, the inherent uncertainties associated with
competitive developments, clinical trial and product development
activities and regulatory approval requirements (including that
data from research and development programs may not support further
development of the compound(s) due to safety, efficacy or other
reasons), Galapagos’ reliance on collaborations with third parties
and estimating the commercial potential of Galapagos’ product
candidates. A further list and description of these risks,
uncertainties and other risks can be found in Galapagos’ Securities
and Exchange Commission (SEC) filings and reports, including in
Galapagos’ most recent annual report on Form 20-F filed with the
SEC and other filings and reports filed by Galapagos with the SEC.
Given these uncertainties, the reader is advised not to place any
undue reliance on such forward-looking statements. These
forward-looking statements speak only as of the date of publication
of this document. Galapagos expressly disclaims any obligation to
update any such forward-looking statements in this document to
reflect any change in its expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based or that may affect the likelihood that actual
results will differ from those set forth in the forward-looking
statements, unless specifically required by law or regulation.
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