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Galapagos secures milestone payment from GSK

Signage is pictured on the company headquarters of GlaxoSmithKline in west London July 21, 2008. GlaxoSmithKline announce their half yearly
Signage is pictured on the company headquarters of GlaxoSmithKline in west London July 21, 2008. GlaxoSmithKline announce their half yearly

BRUSSELS (Reuters) - Belgian biopharmaceutical company Galapagos said on Wednesday it had delivered a fifth pre-clinical drug candidate to GlaxoSmithKline, triggering a milestone payment.

Galapagos did not specify the amount of the payment, which is the result of 2006 alliance signed by the two companies related to medicines to fight immuno-inflammatory diseases.

According to the companies' agreement, Galapagos has the potential to receive more than 200 million euros in total milestone payments, plus up to double-digit percentage royalties.

(Reporting By Philip Blenkinsop)

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