Galapagos in Agreement With Abbott for Rheumatoid Arthritis Drug

Galapagos NV (GLPG) said it entered into an agreement with Abbott Laboratories (ABT) for its rheumatoid arthritis drug and will receive an initial payment of $150 million.

Galapagos would be eligible to receive additional milestone payments from Abbott, potentially amounting to $1 billion, in addition to tiered double-digit royalties on net sales upon commercialization, Galapagos said today in a statement.

To contact the editor responsible for this story: Andrew Clapham at aclapham@bloomberg.net

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