Galapagos NV (GLPGF.PK,GLPYY.PK), a Belgian based biotechnology company engaged in developing anti-body therapies, posted a significantly narrower annual net loss of 5.7 million euros, compared with 30.1 million euros loss last year, with basic loss per share reducing to 0.22 euros, from 1.13 euros in 2011.
Full-year operating loss was 6.6 million euros, narrower than last year’s 29.9 million euros loss. Excluding special charges, operating loss shrinked to 2.1 million euros, from a loss of 35.1 million euros in the previous year.
Turnover from continuing operations for 2012 grew 36% to 153.0 million euros this year, from 112.9 million euros a year earlier.
Separately, Galapagos announced that it has agreed with Roche to end their alliance in fibrosis. Roche would pay 5.75 million euros to Galapagos for work completed in 2012, contributing to 2012 Group revenues. With the alliance conclusion, Galapagos has regained full rights to all fibrosis assays and the targets discovered in the alliance. These novel targets were identified in various unique human primary cell assays mimicking fibrosis. Also, Galapagos said it would have received a total of 16 million euros in upfront and milestone payments, including this latest payment.
“We regret that Roche ended the alliance due to a strategic change, but the good news is that all assets have returned to Galapagos,” stated Onno van de Stolpe, CEO of Galapagos.
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by RTT Staff Writer
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