SOURCE: Ablynx

October 01, 2009 12:22 ET

ABLYNX RECEIVES MILESTONE PAYMENT AS PART OF ITS STRATEGIC ALLIANCE WITH BOEHRINGER INGELHEIM

GHENT, BELGIUM--(Marketwire - October 1, 2009) - Ablynx (Euronext Brussels: ABLX), today announced that it will receive milestone payments totalling EUR 3 million from Boehringer Ingelheim triggered as part of its strategic alliance for the development and commercialisation of Nanobodies®. This is the second time Ablynx receives milestone payments from Boehringer Ingelheim since the initiation of the strategic alliance between the companies.

Ablynx and Boehringer Ingelheim entered into an agreement in September 2007 to collaborate on the discovery, development and commercialisation of up to 10 different Nanobody® therapeutics across a range of multiple therapeutic areas including for example immunology, oncology and respiratory diseases. The agreement would allow potential milestone payments of up to EUR 125 million for each Nanobody® developed as well as undisclosed royalties to Ablynx. 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.

Dr Edwin Moses, CEO and Chairman of Ablynx, commented: "Our strategic alliance with Boehringer Ingelheim is developing well and these milestone payments are further evidence of important technical achievements. We are particularly pleased that two milestones have been achieved this year and we anticipate making further such progress in the near future. We look forward to continuing our efforts in this strategic alliance with Boehringer Ingelheim with the goal to develop and commercialise Nanobodies across multiple therapeutic areas."

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