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news.Synta Pharmaceuticals, a biopharmaceutical company, has achieved operational milestones triggering $15 million in payments from GlaxoSmithKline under its collaboration agreement for the development and commercialization of elesclomol.
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Under the terms of the collaborative agreement with GlaxoSmithKline (GSK), Synta is eligible for a total of $585 million in pre-commercial milestone payments. These milestones are related to operational progress, clinical progress, or regulatory filings and outcomes in melanoma and other cancer indications.
In addition to the pre-commercial milestone payments, Synta is eligible for $300 million in sales milestones, 40-50% share of operating profits in the US, and double-digit royalties on sales outside the US. Synta has earned a total of $120 million in payments from GSK to date, including the $80 million up front payment in 2007 and the $40 million to date in 2008.
Synta and GSK have previously entered into a collaboration agreement for elesclomol. Under the terms of the agreement, the companies will jointly develop and commercialize elesclomol in the US and GSK will have exclusive responsibility for development and commercialization of elesclomol outside the US.
Elesclomol is an investigational first-in-class oxidative stress inducer that triggers apoptosis in cancer cells. Elesclomol is currently being studied in combination with paclitaxel in an on-going Phase III Symmetry clinical trial in metastatic melanoma.