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news.Vernalis, a UK-based pharmaceutical company, has reached a second research milestone in its drug discovery collaboration with H.Lundbeck (Lundbeck).
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Vernalis is entitled to receive a payment of £0.4m from Lundbeck and the collaboration will now advance into its third stage.
Vernalis will receive fees and a potential share in the downstream success of the product in the form of milestones and royalties on sales.
Both the companies entered the deal in December 2010, which makes use of Vernalis’ fragment and structure-based drug discovery platform against a kinase target.
Vernalis CEO Ian Garland said the company is happy with the progress of this collaboration and the continued validation of fragment and structure-based drug discovery platforms.
"We look forward to continued success in our collaboration with Lundbeck," Garland added.
The financial terms of deal however have not been revealed.