Ablynx currently has commercial collaborations with Boehringer Ingelheim (BI), Merck Serono, Novartis and Pfizer.

The Company intends to selectively enter into new relationships when these may enhance value creation or support risk management. In parallel Ablynx continues to advance its own Nanobody^® therapeutic programmes with the goal to build a unique proprietary pipeline.

Alzheimer’s Disease collaboration

In January 2007, Ablynx announced a single target research and licensing agreement with BI with a potential deal value of $265 million plus royalties. BI and Ablynx collaborate to identify Nanobodies^® to a specific biological target believed to be relevant in Alzheimer’s disease and BI received an exclusive worldwide licence to develop and commercialise such Nanobodies^®. Ablynx received an upfront payment and R&D payments and will receive milestone payments and royalties if Nanobodies^® proceed through development and reach the market.

Strategic Alliance Collaboration

In September 2007, Ablynx entered into a global strategic alliance with BI, with a potential deal value of €1.3 billion plus royalties, to discover, develop and commercialise up to ten different Nanobody^® therapeutics. Ablynx will receive milestone payments of up to €125 million for each Nanobody^® which is developed, as well as royalties. Ablynx and BI are collaborating in the discovery of Nanobodies^® against agreed targets across multiple therapeutic areas including immunology, oncology and respiratory disease. BI will be exclusively responsible for the development, manufacture and commercialisation of any products resulting from the collaboration. Ablynx will have certain co-promotion rights in Europe.

In September 2008, Ablynx entered into a collaboration with Merck Serono under which Merck Serono and Ablynx will co-discover and co-develop Nanobodies^® against two targets in immunology and oncology. The agreement included an upfront cash payment to Ablynx of €10 million and both companies will share equally all research and development costs and the resulting profits. Ablynx has options to opt-out during the research and development programmes, in which case Ablynx would be eligible to receive milestones and royalties. Total development and commercial milestones, depending on the point of opt-out by Ablynx, could reach up to €325 million should a product be approved in multiple indications in all major markets.

The agreement with Novartis was signed in December 2005. Ablynx and Novartis collaborate to discover and develop novel Nanobody^® based therapeutics against a number of disease targets for a range of disease areas including targets that are difficult to address with conventional antibodies or their fragments. The deal includes R&D payments, licence fees, milestones and royalties.

In November 2006, Ablynx entered into a collaboration with Pfizer (formerly Wyeth Pharmaceuticals) with a potential deal value of $212.5 million plus royalties, under which Pfizer received exclusive worldwide development and commercialisation rights to all Nanobodies^® to TNFα. The lead candidate is currently in Phase II trials in patients with rheumatoid arthritis and initial data are expected before the end of 2010.