Galapagos, ProStrakan deal

GLPG agreed to acquire PSK's ProSkelia French drug discovery subsidiary for E12.5 million ($16.4 million) in stock. The deal would give GLPG three preclinical products for osteoporosis and bone metastasis and a preclinical selective androgen receptor modulator (SARM) to treat cachexia. GLPG also would receive an option to license exclusive worldwide rights to estradiol glucoside (E2G), which has completed a Phase IIa study to treat menopausal symptoms. PSK is eligible for E14.5 million ($19.1 million) in additional payments. GLPG also would assume ProSkelia's ongoing R&D partnerships with Amgen Inc. (AMGN; Thousand Oaks, Calif.); Genentech Inc. (DNA; South San Francisco, Calif.); and Novartis AG (NVS; SWX:NOVN; Basel, Switzerland), from which GLPG would receive all annual revenues and be eligible for 25% of milestones and royalties. ...