argenx receives milestone payment in LEO Pharma collaboration
2 February 2016, Breda, The Netherlands / Ghent, Belgium – argenx (Euronext Brussels: ARGX) today announced it has received a milestone payment in connection with its collaboration with LEO Pharma. The companies have selected a lead cell line for manufacture of the licensed SIMPLE AntibodyTM candidate, in development for the treatment of inflammatory skin conditions.
Under the 20 May 2015 agreement, argenx and LEO Pharma are collaborating to develop innovative antibody-based solutions for the treatment of chronic inflammation underlying diverse skin conditions. LEO Pharma received an exclusive license to a preclinical-stage argenx SIMPLE AntibodyTM program in return for an upfront payment as well as the potential for milestone and royalty payments. Argenx now receives an undisclosed milestone payment from LEO Pharma for the successful attainment of this milestone.
“We are pleased with this excellent progress, which has resulted from an outstanding collaboration between LEO Pharma and our team,” commented Tim Van Hauwermeiren, CEO at argenx. ”The attainment of this milestone is testament to our track record in antibody development and our excellent relationship with our partners.”
“This collaboration accentuates LEO Pharma’s strong commitment to build strategic partnerships with the aim to deliver new innovative medical solutions,” said Thorsten Thormann, Senior Vice President, New Product Discovery, LEO Pharma. “The achieved milestone brings us one step closer to helping more patients suffering from skin diseases.”