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news.Synta Pharmaceuticals, a biopharmaceutical company, has achieved operational milestones triggering $25 million in payment from GlaxoSmithKline under its collaboration agreement for the development and commercialization of elesclomol.
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Elesclomol is a novel, oxidative stress inducing, small molecule drug candidate currently undergoing Phase III clinical investigation in metastatic melanoma, the Symmetry trial, with other trials in other indications planned. Elesclomol is not yet approved for any indication in any market.
Synta is eligible to earn a further $25 million in operational milestone payments prior to completion of enrollment of the Symmetry trial. Following enrollment completion and analysis of the primary endpoint data, Synta is eligible for an additional $25 million milestone payment if the trial meets the primary endpoint or if Synta and GlaxoSmithKline (GSK) agree to file for regulatory approval.
In total, including the above $75 million in received or near-term potential payments, the collaboration agreement calls for $585 million in development and regulatory milestone payments related to melanoma ($145 million) and other cancer indications ($440 million).
Synta and GSK are working closely together to further the clinical development of elesclomol as well as prepare for the manufacture and commercial launch of elesclomol.