Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wordpress-seo domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/wp-includes/functions.php on line 6260 Galapagos, ProStrakan Earn Third Novartis Milestone | Contract Pharma

What are you searching for?

Sign in
Breaking News, Collaborations & Alliances

Galapagos, ProStrakan Earn Third Novartis Milestone

Author Image

By: Tim Wright

Editor-in-Chief, Contract Pharma

Galapagos NV and ProStrakan Group achieved the third milestone under Galapagos’ collaboration with Novartis in antibodies for bone-related diseases. This milestone triggers a payment of $1.5 million to Galapagos, of which Galapagos will pay $1.1 million to ProStrakan per their December 2006 agreement.

The collaboration was initially formed between Novartis and ProSkelia SASU (formerly a subsidiary of ProStrakan) in September 2006. Under the terms of the original agreement with Novartis, total milestones could exceed $100 million, with royalties payable on commercialization. The first milestone payment, related to intellectual property, was announced in December 2006. The collaboration was transferred to Galapagos as part of its acquisition of ProSkelia from ProStrakan in December 2006. Under the terms of Galapagos’ acquisition of ProSkelia, Galapagos and ProStrakan split milestone and royalty income from agreements existing at the time of the acquisition 25% for Galapagos and 75% for ProStrakan, while Galapagos retains all R&D fees.

Dr. Wilson Totten, chief executive of ProStrakan, remarked, “In addition to the commercialization of existing products, we continue to benefit from ongoing milestone payments associated with our ongoing arrangement with Novartis and Galapagos. I look forward to further revenues in due course as a result of this collaboration.”

Add us as a preferred source on Google

Get the latest Contract Pharma news, insights and analysis in your Google Search and AI experiences.

Add Contract Pharma as a preferred source on Google (opens in a new tab)

Keep Up With Our Content. Subscribe To Contract Pharma Newsletters