Ablynx receives third milestone payment from Novartis
Belgian biopharma company Ablynx has received an undisclosed milestone payment from Novartis, triggered by the delivery of nanobody candidates in an ongoing research and development alliance first signed in 2005.
Belgian biopharma company Ablynx has received an undisclosed milestone payment from Novartis, triggered by the delivery of nanobody candidates in an ongoing research and development alliance first signed in 2005.
The two companies are working on the discovery and development of therapeutic nanobodies against targets that are difficult to address with conventional antibodies and fragments.
Under the terms of the agreement, Ablynx receives upfront fees, licence fees and funding for r&d. The company is also eligible for milestone payments and royalties upon commercialisation. Novartis has exclusive rights to develop and commercialise the nanobody products resulting from the collaboration.
"This is an important stage in our alliance with Novartis as these nanobodies have shown significant activity in vivo compared with a benchmark antibody. We are very pleased with the progress made," said Edwin Moses, ceo and chairman of Ablynx.
