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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