ABLYNX AND BOEHRINGER INGELHEIM ANNOUNCE MAJOR GLOBAL STRATEGIC ALLIANCE TO DISCOVER, DEVELOP AND COMMERCIALISE NOVEL NANOBODY(R) THERAPEUTICS
GHENT, Belgium and Ingelheim, Germany, 7 September, 2007 - Boehringer Ingelheim and Ablynx, the biopharmaceutical company focused on the discovery and development of Nanobodies®, today jointly announced a major global strategic alliance to discover, develop and commercialise up to 10 different Nanobody® therapeutics.
Ablynx expects to receive payments of EUR 75 million during the research term of the collaboration which includes EUR 15 million in a proposed equity investment by Boehringer Ingelheim in Ablynx. In addition, Ablynx will receive development milestone payments for each Nanobody® which is developed, of up to EUR 125 million as well as undisclosed royalties.
Ablynx and Boehringer Ingelheim will collaborate jointly in the discovery of Nanobodies® against agreed targets across multiple therapeutic areas including immunology, oncology and respiratory. Both parties will propose target opportunities for the collaboration with the goal of bringing Nanobody®-based products rapidly to patients in need. Boehringer Ingelheim will be exclusively responsible for the development, manufacture and commercialisation of any products resulting from the collaboration. Ablynx will have certain co-promotion rights in Europe.
Dr Edwin Moses, CEO and Chairman of Ablynx, said, "This is by far the largest financial agreement that Ablynx has signed to discover and develop innovative Nanobody® therapeutics. We are delighted to strengthen our existing relationship with Boehringer Ingelheim by working together to develop innovative products across multiple therapeutic areas, taking full advantage of the powerful Nanobody® discovery platform. This strategic alliance may provide the opportunity to grow Ablynx's own product pipeline."
Dr Andreas Barner, Vice-Chairman of the Board of Managing Directors and Head of Corporate Board Division Pharma Research, Development and Medicine of Boehringer Ingelheim, added, "Boehringer Ingelheim looks forward to an intensified cooperation with Ablynx based on their innovative Nanobody® approach. We hope that this broad collaboration will lead to breakthroughs for patients suffering from diseases which cannot be adequately treated at present." |
