Ablynx and Merck Serono to equally contribute to discover and develop Nanobodies®
against two targets in oncology and immunology and equally share the resulting profits
Ghent, BELGIUM, 4 September 2008 – 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 has entered into an agreement with Merck Serono, a division of Merck KGaA,
Darmstadt, Germany, to co-discover and co-develop Nanobodies® against two targets in oncology and
immunology. The agreement includes an upfront cash payment to Ablynx of €10 million.
Nanobodies® are a new class of therapeutic proteins that contain the unique structural and functional
properties of naturally-occurring single domain antibodies. The partners will collaborate to research
and develop Nanobody®-based therapeutics against two disease targets exploiting some of the key
benefits Nanobodies® have over conventional antibodies and other fragments.
Under the terms of the agreement, both companies will equally share all research and development
costs. Should Ablynx contribute equally to each program, it will be eligible to receive fifty percent of
the resulting profits. In addition, Ablynx will have an option to opt-out partly or fully during the
research and development programs, in which case the company would be eligible to receive either a
reduced profit share, in the case of a partial opt-out, or milestones and royalties on potential sales, in
the case of a full opt-out. Total development and commercial milestones, depending on the point of
opt-out by Ablynx, could reach up to €325 million should a product be approved in multiple
indications in all major markets.
“This collaboration reinforces our commitment to deliver innovative treatments in areas of high unmet
medical needs,” said Dr Bernhard Kirschbaum, Executive Vice President Research of Merck Serono.
"We believe that Nanobodies® have the potential to provide innovative drugs combining the best
features of monoclonal antibodies and small molecules, and we look forward to working with
Ablynx."
"We are very pleased to enter into this partnership with Merck Serono, a recognized global leader in
the treatment of oncology and immunology therapies. This type of risk and reward sharing
collaboration underlines Ablynx’s maturing capabilities and collaboration strategy, whereby we can
leverage on the resources and expertise of our partners to advance Nanobodies® more quickly into the
clinic while retaining an equal share of the value created”, commented Dr Edwin Moses, CEO and
Chairman of Ablynx. |
