While the first forms the basis of a new program focused on identifying a respiratory disease treatment, the other is related to a program in inflammatory pain. As a result of this development Pharmacopeia will receive milestone payments totaling $1 million.
In accordance with the terms of the collaboration, Pharmacopeia has received $10 million from GlaxoSmithKline (GSK) in connection with early discovery activities and is entitled to an additional $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 and potentially double-digit royalties on the sales of any product commercialized by GSK under the multi-program alliance. Should GSK decline its option to complete pivotal trials of alliance programs, Pharmacopeia may independently pursue them, 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 at GSK, said: “With the identification of these two compounds, our collaboration has now identified a total of three new leads this year. We are extremely pleased to see the continued rapid and impressive achievements of the team driving this successful collaboration.”