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STOCKS NEWS EUROPE-Galapagos hits 10-mth high on drug hopes
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09:30GMT 13Feb2009-Galapagos hits 10-mth high on drug hopes
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Shares in Belgian biotechnology firm Galapagos soar 27.3 percent to a 10-month high of 6.44 euros after the group reveals the discovery of a drug target for developing a treatment for Alzheimer's disease.
'Now that the company has found out what causes Alzheimer's, it can go in search of medication. There is a lot of interest among pharmaceutical companies... and I expect deals with major pharmaceutical companies within the next few years,' Tom Muller, analyst at Dutch brokerage Theodoor Gilissen says.
He expects the group to sign deals with top companies such as Pfizer (NYSE: PFE - news) , GlaxoSmithKline (LSE: GSK.L - news) and Merck (MKGAY.PK - news) .
'This offers major potential in terms of milestone payments and royalties if all goes well,' Muller says.
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