GlaxoSmithKline, Cellzome sign £850m alliance

Source: Healthcare Digital

Date :11/09/2008 08:59:09

GlaxoSmithKline has signed a deal worth up to £854 million with Anglo-German drug discovery company Cellzome Inc to discover, develop and market new therapeutics to treat inflammatory diseases.

Under the terms of the agreement, Cellzome will receive upfront payments of £14.4 million comprised of both cash and equity.

The privately-held group is eligible for up to £118 million per programme in potential development, regulatory and commercial milestones and up to double digit royalties on sales of products resulting from the alliance.

Commenting on the alliance, Tim Edwards, CEO of Cellzome, said: “It is a major event in Cellzome’s development, giving us the opportunity to broaden our pipeline and progress several kinase programmes towards the clinic, ultimately for the benefit of patients.”