Ablynx extends Nanobody deal with Boehringer

Belgian drug developer Ablynx (Euronext Brussels: ABLX) yesterday announced a two-year extension of the initial five-year research funding by independent German drug major  Boehringer Ingelheim of their global strategic alliance to discover, develop and commercialize up to 10 different Nanobody therapeutics.

The extension, which will run until September 2014, will allow all the existing 10 Nanobody programs to advance to a stage where Boehringer Ingelheim can potentially progress each programme into development. Ablynx will receive a total of 6.6 million euros ($7.9 million) in additional research funding from the German firm, some of which will be in advance. This payment is in return for work carried out by Ablynx' specialist Nanobody scientists. Ablynx has already received over 58 million euros from payments under the Strategic Alliance since it was signed in 2007.

In September 2007, Ablynx and Boehringer Ingelheim entered into a strategic alliance on the discovery, development and commercialization of Nanobody therapeutics across a range of diseases, including oncology, immunology, and respiratory diseases. The agreement allows for potential milestone payments of up to 125 million euros plus royalties to Ablynx for each Nanobody which reaches market. Boehringer Ingelheim is exclusively responsible for the development, manufacturing and commercialisation of any products resulting from the collaboration. Ablynx retains certain co-promotion rights in Europe.