Pharmacopeia to Receive $5 Million Payment from GlaxoSmithKline
Tuesday March 18, 7:30 am ET
Payment Triggered by Pharmacopeia's Achievement of Collaboration Criteria
PRINCETON, N.J., March 18 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it will receive a payment of $5 million from GlaxoSmithKline (NYSE: GSK - News). With this payment, Pharmacopeia will have received over $16 million in connection with the companies' ongoing product development and commercialization alliance.
This payment is triggered by Pharmacopeia's completion of certain early discovery activities established under its agreement with GSK. Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program for any drug development program pursued through the multi-program alliance and up to double-digit royalties on the sales of any products commercialized by GSK from the alliance. Should GSK decline its option to complete pivotal trials of programs resulting from the alliance, Pharmacopeia may independently pursue development of these programs, subject to its obligations to GSK under the agreement.
Hugh Cowley, Senior Vice President and Head of GSK's Center of Excellence for External Drug Discovery (CEEDD) at GSK noted, "The CEEDD and Pharmacopeia have shown themselves to be excellent collaborators from the outset of this alliance. The alliance's significant progress toward the discovery and advancement of molecules that have the potential to address significant clinical unmet need represents the type of results that we envisioned when we established the CEEDD collaboration model at GSK."
"The exceptional productivity of the alliance so far reflects how well its goals fit with Pharmacopeia's strengths," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "We expect the excellent progress to continue as we focus on moving candidates toward the clinic."
surf's up......crikey
