Ablynx deal with Novartis extended; BI milestone

Ghent, Belgium-based Ablynx, a pioneer in the discovery and development of Nanobodies, a novel class of antibody-derived therapeutic proteins,  says that its drug discovery and development alliance with Swiss drug  major Novartis has been extended for another year.

Under the terms of the agreement, entered into in December 2005, the  companies are collaborating to discover and develop novel Nanobody-based  therapeutics against disease targets that are difficult to address with  conventional antibodies or their fragments. Novartis has exclusive  rights to develop and commercialize the products resulting from the  collaboration.

This agreement was previously extended in December 2007 and, based on  the positive progress made, the companies have mutually agreed to extend  their alliance for another year. As part of the collaboration Ablynx  receives license fees and funding for research and development. In  addition, it is eligible for milestone payments and royalties upon  commercialization.