ABLYNX : 29/04/2016 ABLYNX ANNOUNCES MILESTONE IN DRUG DISCOVERY COLLABORATION

2d7214bb-4e3a-4d4d-bd1d-04b02dfb1f59.pdf ABLYNX ANNOUNCES MILESTONE IN DRUG DISCOVERY COLLABORATION

• Second Nanobody® targeting a G-protein-coupled receptor (GPCR) enters clinical development
• Further positive validation of Ablynx's Nanobody platform and its ability to address complex targets that have proven to be difficult to address with conventional antibodies
• The eighth Nanobody programme now in clinical development

GHENT, Belgium, 29 April 2016 - Ablynx [Euronext Brussels: ABLX; OTC: ABYLY] today announced that it has received an undisclosed milestone payment from its collaboration with Novartis. The payment was triggered by the clearance of the Investigational New Drug (IND) application by the U.S. Food and Drug Administration (FDA) for the Novartis Phase I study with a Nanobody that binds with an undisclosed GPCR target in inflammation1. The Phase I study is expected to start in Q2 2016.

Dr Edwin Moses, CEO of Ablynx, commented: "We are very pleased that Novartis will soon begin clinical development of this novel Nanobody against a GPCR. This is the eighth Nanobody to enter the clinic. The unique structure of our Nanobodies make them ideal candidates to bind to complex targets such as GPCRs and ion channels, which have proved challenging for other biological-based platforms." About the collaboration between Novartis and Ablynx

In December 2005, Ablynx and Novartis entered into an agreement to discover and develop novel Nanobody- based therapeutics against a number of disease targets. The deal included R&D payments, license fees, milestones and royalties. Novartis has full responsibility for the development and commercialisation and Ablynx is eligible to receive development and regulatory milestone payments and royalties on sales following commercialisation of the related products.

About Ablynx

Ablynx is a biopharmaceutical company engaged in the development of Nanobodies®, proprietary therapeutic proteins based on single-domain antibody fragments, which combine the advantages of conventional antibody drugs with some of the features of small-molecule drugs. Ablynx is dedicated to creating new medicines which will make a real difference to society. Today, the Company has more than 40 proprietary and partnered programmes in development in various therapeutic areas including inflammation, haematology, immuno-oncology, oncology and respiratory disease. The Company has collaborations with multiple pharmaceutical companies including AbbVie, Boehringer Ingelheim, Eddingpharm, Genzyme, Merck

& Co., Inc., Merck KGaA, Novartis, Novo Nordisk and Taisho Pharmaceuticals. The Company is headquartered in Ghent, Belgium. More information can be found on www.ablynx.com.

For more information, please contact:

Ablynx: Dr Edwin Moses CEO t: +32 (0)9 262 00 07 m: +32 (0)473 39 50 68 e: edwin.moses@ablynx.com

Marieke Vermeersch Associate Director Investor Relations t: +32 (0)9 262 00 82 m: +32 (0)479 49 06 03 e: marieke.vermeersch@ablynx.com@AblynxABLX

1 Bradley et al, Molecular Pharmacology 2015, 87:251-62

Ablynx media relations: FTI Consulting

Julia Phillips, Brett Pollard, Mo Noonan, Matthew Moss t: +44 20 3727 1000

e: ablynx@fticonsulting.com

Disclaimer

Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company or, as appropriate, the Company directors' current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.