Milestone payment
ProStrakan Group of Galashiels, UK and its partner Galapagos of Mechelen, Belgium, said they reached the third milestone under Galapagos’ collaboration with Novartis in the discovery and development of antibodies for osteoporosis and other bone-related diseases. This triggers a payment of $1.5 million to Galapagos of which $1.1 million is due to ProStrakan as part of the December 2006 agreement between the two.
The collaboration was initially formed between Novartis and ProStrakan in September 2006, under which milestones could exceed $100 million. The deal transferred to Galapagos when it acquired the ProStrakan subsidiary ProSkelia in December 2006.
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