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Article: Germany: Glaxo signs up to $1.5 bln drug deal with Cellzome.
- Article from:
- TendersInfo
- Article date:
- September 12, 2008
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Byline: pinto03
GlaxoSmithKline is paying as much as $1.5 billion to develop new drugs against inflammatory disease with Anglo-German biotech company Cellzome, the two groups said on Wednesday.
Privately owned Cellzome will receive an upfront payment of 14.4 million pounds ($25.35 million) in cash and equity. The rest of the payments are contingent on the success of experimental medicines as they progress through development.
That will take time, since none of Cellzome's drug candidates are ready to be tested in humans and it will be many years before they can be submitted for regulatory approval.
Cellzome believes its drug discovery ...