Ablynx receives another milestone as Boehringer Ingelheim selects nanobody candidate for pre-clinical development
GHENT, Belgium, 1 February 2012 - Ablynx [Euronext Brussels: ABLX] today announced that Boehringer Ingelheim has selected, as part of their strategic alliance, a second Nanobody® candidate for pre-clinical development, which triggered a €5 million milestone payment to Ablynx.
The Nanobody development candidate is designed to interfere with the function of two distinct proteins that are thought to play a major role in human cancers.
In September 2007, Ablynx and Boehringer Ingelheim entered into a strategic alliance on the discovery, development and commercialisation of Nanobody therapeutics across a range of diseases, including oncology, immunology, respiratory and vascular diseases. The agreement allows for potential milestone payments of up to €125 million plus royalties to Ablynx for each Nanobody which reaches market. Boehringer Ingelheim is exclusively responsible for the development, manufacturing and commercialisation of any products resulting from the collaboration. Ablynx retains certain co-promotion rights in Europe. To date, Ablynx has earned >€57 million in cash from this strategic alliance.
“We are very pleased with the progress made in our collaboration with Boehringer Ingelheim. They now have three Nanobody candidates in pre-clinical development including a Nanobody relevant in Alzheimer’s disease, and we anticipate additional Nanobodies will be advanced into formal development during the next years,” said Dr. Edwin Moses, CEO and Chairman at Ablynx.