Milestone triggered
Ablynx NV said it reached a milestone in its collaboration with Wyeth Pharmaceuticals, triggering a milestone payment of $3 million as the Phase I study of an antibody derivative, or nanobody, targeting tumour necrosis factor alpha, got under way.
Ablynx, founded in 2001 in Ghent, Belgium, as a spin-out of VIB and the Free University of Brussels, entered the up to $212.5 million deal with Wyeth Pharmaceuticals in November 2006. Under the deal Wyeth has exclusive rights to develop and commercialise anti-TNF-alpha Nanobodies for treating inflammatory disorders such as rheumatoid arthritis.
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