GlaxoSmithKline exercises option to license GLPG0778 from Galapagos

Galapagos has announced that GlaxoSmithKline has exercised its option to exclusively license investigational compound GLPG0778 and its corresponding back-up compound GLPG0555, both discovered and developed within GSKs immuno-inflammatory alliance with Galapagos. Under the terms of the agreement GSK will have the right to continue the clinical development of these candidate compounds. Galapagos will receive an option fee payment of single-digit million Euros from GSK. Galapagos is eligible to receive more than €34 million from GSK in future milestones plus royalties on these two compounds.