December 15, 2017 / 6:37 AM / in a month

BRIEF-Galapagos Exercises Co-Promotion Option For Filgotinib

Dec 15 (Reuters) - GALAPAGOS NV:

* SAID ON THURSDAY IT WILL OPT-IN ON CO-PROMOTION OF FILGOTINIB WITH COLLABORATION PARTNER GILEAD SCIENCES IN EIGHT EUROPEAN COUNTRIES, SHOULD FILGOTINIB BE APPROVED FOR COMMERCIAL SALE

* ASSUMES 35 PCT OF THE CO-PROMOTION EFFORTS IN GERMANY, FRANCE, ITALY, SPAIN, THE UNITED KINGDOM, THE NETHERLANDS, BELGIUM, AND LUXEMBOURG

* DURING CO-PROMOTION, PARTIES WILL SHARE EQUALLY IN THE NET PROFIT AND NET LOSSES IN THESE TERRITORIES INSTEAD OF RECEIVING ROYALTIES

* IN BELGIUM, THE NETHERLANDS AND LUXEMBOURG, GALAPAGOS WILL BOOK THE SALES

* OUTSIDE CO-PROMOTION TERRITORIES, GALAPAGOS TO RECEIVE TIERED ROYALTY PERCENTAGES RANGING FROM 20-30 PCT ON GLOBAL NET SALES OF FILGOTINIB

* GALAPAGOS TO RECEIVE DEVELOPMENT AND REGULATORY MILESTONE-BASED PAYMENTS OF UP TO $755 MLN, OF WHICH IT HAS ALREADY RECEIVED $70 MLN, AND SALES-BASED MILESTONE PAYMENTS OF UP TO $600 MLN

* GILEAD IS PRIMARILY RESPONSIBLE FOR DEVELOPMENT AND SEEKING REGULATORY APPROVAL OF PRODUCT

* GALAPAGOS IS RESPONSIBLE FOR CO-FUNDING 20 PCT OF DEVELOPMENT COSTS THROUGH TO REGULATORY APPROVAL

* EXISTING LOCK-UP AND STANDSTILL ARRANGEMENT WITH GILEAD TO EXPIRE ON 31 DECEMBER 2017

Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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