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21M in New Financing Will Help Galapagos Delve Into Drug Discovery

NEW YORK, March 5 - Benelux functional genomics company Galapagos Genomics on Tuesday said it has secured a €21.4 million, or roughly $18.5 million, in a first round of private-equity financing.

UK-based Abingworth Management, Apax Partners, in France, and Burrill & Company in the US participated in the round. Other investors included NIB Capital and Crucell Holland, an existing shareholder. Both firms are based in the Netherlands.
 
"Over the past three years we have built a valuable target discovery and validation platform," Onno van de Stolpe, CEO of Galapagos, said in a statement. The new cash will allow the company to take "the next step towards drug discovery, both for internal development as well as in partnerships,," he said.

Galapagos, a joint venture between Crucell and Tibotec-Virco established in 1999, is focused on target identification and validation using its adenoviral-based PhenoSelect platform.