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Five Prime: Glaxo Exercises Option for Rights to Muscle-Disease Products

BY Dow Jones & Company, Inc.
— 9:55 AM ET 09/16/2014



..... exercised its option for an exclusive global license to products related to an undisclosed muscle-disease target discovered by the clinical-stage biotechnology company.

Five Prime shares were recently trading at $12.07, up 4.9%.

Five Prime will receive a payment of $1.5 million in connection with the option exercise and is eligible for as much as $122.5 million in milestone payments.

Five Prime and Glaxo began a collaboration in 2010 to discover and develop drug targets for skeletal muscle diseases using Five Prime's platform.

Write to Tess Stynes at [e-mail]

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(END) Dow Jones Newswires
09-16-14 0955ET
Copyright (c) 2014 Dow Jones & Company, Inc.