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news.After filing an investigational new drug application to begin clinical trials of GSK716155 for the treatment of diabetes, GlaxoSmithKline has made a $5 million payment to the drug's creator, Human Genome Sciences.
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The payment was made pursuant to an agreement between the companies reached in October 2004, under which GSK acquired exclusive worldwide rights to develop and commercialize GSK716155 for all human therapeutic and prophylactic applications.
Human Genome Sciences received an upfront fee and is entitled to significant clinical development and commercial milestone payments that could amount to as much as $183 million, as well as additional milestones for other indications developed.
“We are pleased that GSK has chosen to advance GSK716155 to clinical development. It is our hope that this drug may ultimately offer a new option in the treatment of diabetes,” said H Thomas Watkins, president and CEO of Human Genome Sciences.