Ablynx announced that its drug discovery and development alliance with Novartis has been extended for another year.
Under the terms of the agreement, entered into in December 2005, the companies are collaborating to discover and develop novel Nanobody-based therapeutics against disease targets that are difficult to address with conventional antibodies or their fragments. Novartis has exclusive rights to develop and commercialize the Nanobody products resulting from the collaboration.
This agreement was previously extended in December 2007 and, based on the positive progress made, the companies have mutually agreed to extend their alliance for another year.
As part of the collaboration Ablynx receives license fees and funding for research and development. In addition, Ablynx is eligible for milestone payments and royalties upon commercialization.
Edwin Moses, CEO and Chairman of Ablynx, commented: ‘We are very pleased with our collaboration with Novartis, one of the leading pharmaceutical companies with a significant track record in innovative drug development, and we look forward to continuing to work together with the goal to advance Nanobody-based programs into the clinic.’
Release Date: February 5, 2009