The collaboration provides GlaxoSmithKline access to Anacor’s proprietary boron-based chemistry for use against selected targets. Under the agreement, Anacor will grant GlaxoSmithKline options to select product candidates developed under the collaboration that are directed to up to four discovery targets and with the potential for at least eight product options.
Anacor will receive a $12 million upfront payment and a $10 million equity financing commitment from GlaxoSmithKline. Contingent on achieving certain milestones, Anacor is eligible to receive discovery, development, regulatory and commercial milestones ranging up to $252 million and $331 million for each product candidate.
Boron has been a relatively underutilized element in pharmaceutical products, in part due to a lack of naturally occurring boron-containing molecules to guide rational drug design, according to Anacor.
David Perry, president and CEO of Anacor, said: “This agreement with GlaxoSmithKline is consistent with our strategy to maximize the value of our technology platform by forming early collaborations for systemic applications of our boron technology, while developing topical products on our own to a more advanced stage.”