arGEN-X and Shire sign long term collaboration deal worth $20 million

Belgium-based preclinical stage biotech firm arGEN-X has entered into a long-term strategic alliance with Ireland-headquartered drugmaker Shire Pharmaceuticals (LSE: SHP) worth 15 million euros ($20 million).

Under the agreement, arGEN-X will bring its entire suite of human antibody discovery technologies to a partnership focused on multiple targets aligned with Shire’s therapeutic focus. The multi-year initiative aimed at helping augment the Shire development pipeline follows an initial research and development collaboration undertaken in March 2012 which triggered a milestone payment last year.

Tim Van Hauwermeiren, arGEN-X chief executive, said: “Our partnering philosophy at arGEN-X is to create alliances for the long term with select, top tier companies. We have certainly upheld this principle by repeatedly expanding our collaboration with Shire, with today’s announcement marking our most ambitious and exciting venture with them to date. We have enjoyed consistent success in our collaboration, recognizing important synergies in combining our strengths and capabilities. While we continue to see Shire as our development partner in this new alliance, we value this opportunity to bring programs into our own pipeline to further our ambitions as a clinical stage, product-focused company.”