Galapagos extends its collaboration with Amgen throughout 2006
Galapagos announced that its services division BioFocus has extended its drug discovery collaboration with Amgen for biology, computational/medicinal chemistry services and supply of biologically-directed library compounds for Amgen's ion channel lead discovery programs throughout 2006. This agreement is one of the largest service contracts to date for BioFocus.
Under the terms of the extended agreement, Galapagos' service division BioFocus will continue to provide Amgen with drug discovery expertise for multiple ion channel targets, including assay development, high throughput screening, chemistry and molecular informatics. In return, Galapagos will receive an upfront fee of $2.3 million as a prepayment of FTE costs. Additionally, Galapagos may receive compensation in the form of library and technology access fees, research fees, milestone payments, and bonuses. Should all clinical and commercial events on a program be achieved, potential of event-dependent payments may exceed $30 million.
Additional financial details, target identity, disease areas and commercialization targets were not disclosed.
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