Ablynx will receive €5m milestone payment
Ablynx, a Belgian developer of drugs based on antibodies, will receive €5m from Boehringer Ingelheim following the German drugmaker’s decision to select one of its nanobody candidates for development.
This is the first development candidate to come from a strategic alliance signed by the companies in 2007. The agreement allows for potential milestone payments of up to €125m plus royalties to Ablynx for each nanobody developed.
Boehringer Ingelheim is exclusively responsible for the development, manufacture and commercialisation of any products resulting from the collaboration. Ablynx retains certain co-promotion rights in Europe.
‘This nanobody candidate represents a promising new and innovative approach to potentially expand treatment options for cancer patients,’ said Edwin Moses, ceo and chairman of Ablynx.
Ablynx is developing a portfolio of nanobody based therapeutics in a number of major disease areas, including inflammation, thrombosis, oncology and Alzheimer's disease.
The firm has more than 25 programmes in its therapeutic pipeline and there are five nanobodies in clinical development.