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Galapagos acquires Cangenix, a structure-based drug discovery company


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© Marketwire 2013
2013-01-15 07:48:18 -

MECHELEN, BELGIUM and CANTERBURY, UNITED KINGDOM -- (Marketwire) -- 01/15/13 -- Galapagos
NV (Euronext: GLPG) and Cangenix Ltd announced today that Galapagos has
acquired Cangenix to add structure-based drug discovery to the Argenta
service offering. Cangenix's state-of-the-art technology will augment
Argenta's ability to design new drugs and fill a growing client need.



Under the terms of the acquisition agreement, Galapagos will pay a total
cash
consideration of £1 million, with a further £440,000 potential
earn out payment contingent upon achievement of certain conditions.
Argenta will integrate all
of Cangenix's assets, know-how, personnel and service contracts. The
activities
will be added to Argenta's capabilities in hit finding and medicinal
chemistry.
The Cangenix team of 4 staff will join Argenta but will continue to
operate the
platform in its premises in Canterbury, securing a smooth transition
of the
business. The acquisition will contribute to the Argenta revenues and
profit
for 2013.



"We welcome the Cangenix team and their clients to the Galapagos group,"
said
Onno van de Stolpe, CEO of Galapagos. "The assets and expertise of
Cangenix
really address a growing client need at Argenta. We look forward to
extending
and expanding this business."





"I am confident that Cangenix's expertise in structure-based drug
discovery
services will enable Argenta to design better drugs for clients," added
Prof
David Brown, CEO, Cangenix Ltd.



About structure-based drug discovery



Structure-based drug discovery has been utilized within the
pharmaceutical
industry for over twenty-five years. It plays an important role in
drug
discovery, design and lead optimization. More recently its role in
hit-finding
has been highlighted with the advent of fragment based drug discovery
with the
potential to deliver more efficient hits and lead series. The
technology
provides knowledge of the three-dimensional structure of drug targets.
Once the
structure of the target is known, potential drugs are designed to
'fit-in' to
the drug target, optimizing the interactions and facilitating the
development of
high-quality drug candidates.



About Galapagos



Galapagos (Euronext: GLPG; OTC: GLPYY) is a mid-size clinical
stage
biotechnology company specialized in the discovery and development of
small
molecule and antibody therapies with a novel mode-of-action. The
Company is
progressing four clinical, six pre-clinical, and 30 discovery programs in
cystic
fibrosis, inflammation, antibiotics, metabolic disease, and other
indications.
Its lead program is GLPG0634, an orally-available, selective inhibitor of
JAK1,
for the treatment of rheumatoid arthritis and potentially other
inflammatory
diseases. In two four-week Phase 2 studies, GLPG0634 showed improvement
in the
signs and symptoms of rheumatoid arthritis and a unique safety profile.
A 6
month Phase 2b study is expected to start Q2 2013 with top line data
expected in
Q4 2014. AbbVie and Galapagos signed a worldwide license agreement
whereby
AbbVie will be responsible for further development and commercialization
after
Phase 2b. Galapagos is also progressing two other clinical development
programs
with clinical readouts expected in 2013: GLPG0187, a novel integrin
receptor
antagonist in development for metastasis, is in a Phase 1b patient
study;
GLPG0974 is the first inhibitor of GPR43 to be evaluated clinically
for the
treatment of IBD. This program is in a second Phase 1 study and will
start a
Proof of Concept Phase 2 study in Q2 2013.



The Galapagos Group, including fee-for-service companies BioFocus,
Argenta and
Fidelta, has over 800 employees and operates facilities in five countries,
with
global headquarters in Mechelen, Belgium. Further information about the
company
and its drug development programs can be found online at: www.glpg.com : www.glpg.com



About Argenta



Argenta is a fully-integrated drug discovery services provider and a
trusted
partner for many world-leading pharmaceutical and biotechnology
companies.
Argenta combines a comprehensive range of discovery services with
multiple
disease area expertise including respiratory, oncology, pain and
inflammatory
disease, providing a compelling combination of scientific excellence, a
full in
vitro and in vivo pharmacology and DMPK capability, cutting edge
medicinal
chemistry thinking and cost-effectiveness. Argenta employs over 145
scientists
in the UK with an average of 17 years' pharmaceutical drug discovery
expertise.
More information at: www.argentadiscovery.com : www.argentadiscovery.com



About Cangenix



Cangenix is a profitable gene-to-structure biotech company that provides
drug
discovery services to a rapidly growing client list. It was formed in
2011 by
scientists from the Structural Biology and Biophysics group at Pfizer
Sandwich,
UK. Cangenix is a located in Canterbury, Kent. Recognized as experts
in the
field, the Cangenix team brings over 70 years of combined experience
in the
application of protein crystallography and biophysical techniques to
drug
discovery. Cangenix provides a range of crystallographic and
biophysical
techniques, such as surface plasmon resonance (SPR) and isothermal
titration
calorimetry (ITC), using tailored biological reagents to accelerate
the
understanding of compound-target interactions and utilize structural,
kinetic
and thermodynamic data to inform drug design. More
information at
www.cangenix.com : www.cangenix.com



Galapagos forward-looking statements



This release may contain forward-looking statements, including, without
limitation, statements containing the words "believes," "anticipates,"
"expects," "intends," "plans," "seeks," "estimates," "may," "will,"
"could,"
"stands to," and "continues," as well as similar expressions. Such forward-
looking statements may involve known and unknown risks, uncertainties and
other
factors which might cause the actual results, financial condition,
performance
or achievements of Galapagos, or industry results, to be materially
different
from any historic or future results, financial conditions, performance or
achievements expressed or implied by such forward-looking statements. Given
these uncertainties, the reader is advised not to place any undue reliance
on
such forward-looking statements. These forward-looking statements speak
only as
of the date of publication of this document. Galapagos expressly disclaims
any
obligation to update any such forward-looking statements in this document
to
reflect any change in its expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based,
unless
required by law or regulation.



This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.



Source: Galapagos NV via Thomson Reuters ONE



[HUG#1670326]




CONTACTS

Galapagos NV
Onno van de Stolpe
CEO
Tel. +31 62 909 8028
e-mail: Email Contact : www2.marketwire.com/mw/emailprcntct?id=23AA78CC5067F685

Cangenix Ltd.
Dave Brown
CEO
Tel. +44 1227 823 475
e-mail: Email Contact : www2.marketwire.com/mw/emailprcntct?id=CD9A7A16BB54DD99



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