Pharmacopeia to obtain $5 million payment from GSK

This payment is triggered by Pharmacopeia’s completion of certain early discovery activities established under its agreement with GlaxoSmithKline (GSK). Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program for any drug development program pursued through the multi-program alliance and up to double-digit royalties on the sales of any products commercialized by GSK from the alliance. Should GSK decline its option to complete pivotal trials of programs resulting from the alliance, Pharmacopeia may independently pursue development of these programs, subject to its obligations to GSK under the agreement.

Hugh Cowley, senior vice president and head of GSK’s Center of Excellence for External Drug Discovery (CEEDD), said: “The alliance’s significant progress toward the discovery and advancement of molecules that have the potential to address significant clinical unmet need represents the type of results that we envisioned when we established the CEEDD collaboration model at GSK.”