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news.Ablynx is set to receive further milestone payments totalling EUR3m from Boehringer Ingelheim, as part of its strategic alliance for the development and commercialisation of Nanobodies.
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Ablynx and Boehringer Ingelheim have signed an agreement in September 2007 to collaborate on the discovery, development and commercialisation of up to 10 different Nanobody therapeutics across areas including immunology, oncology and respiratory diseases.
The agreement would allow potential milestone payments of up to EUR125m 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 has now earned a total of EUR15m in milestone payments as part of this agreement.
Ablynx CEO and chairman Edwin Moses said that it was the fifth set of EUR3m milestone payments they have achieved since the start of the collaboration in September 2007.
"We believe this further demonstrates the potential of the Nanobody technology in complex target areas and we look forward to seeing the collaborative programmes advancing further in development," Moses said.