Galapagos terminates 2007 osteoporosis deal with Lilly

Galapagos N.V. (Euronext:GLPG; Pink:GLPYY) disclosed in an R&D update on Wednesday that it terminated a 2007 deal with Eli Lilly and Co. (NYSE:LLY) to discover compounds against 12 Galapagos targets to treat osteoporosis. Galapagos said the deal "did not yield the expected results within an acceptable timeframe." The rights to the osteoporosis program have returned to Galapagos, which received EUR 11 million ($14.3 million) in milestones from Eli Lilly under the deal. The companies could not be reached for details (see BioCentury Extra, Dec. 19, 2007). ...