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news.Biopharmaceutical company Pharmacopeia is being paid $5 million by GlaxoSmithKline in connection with the product development and commercialization agreement entered into by the two companies in March 2006.
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This is the second $5 million payment to be received by Pharmacopeia, a company engaged in the discovery and development of novel small molecule therapeutics.
This payment is triggered by Pharmacopeia's completion of certain early discovery activities established under its agreement with GSK. Pharmacopeia is entitled to a third $5 million payment upon the completion of additional early discovery activities.
Pharmacopeia is also 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 of GSK and head of the Center of Excellence for External Drug Discovery (CEEDD) at GSK, said: “We expect the alliance to contribute to GSK's development pipeline in the future, validating the collaboration model we sought to establish under the CEEDD umbrella at GSK.”