Theravance, Inc. (THRX) Tuesday announced a collaboration agreement with Merck, to discover, develop and commercialize novel small molecule therapeutics directed towards a target being investigated for the treatment of hypertension and heart failure.
Theravance will receive a $5 million upfront payment, funding for research, and be eligible for milestone payments totaling up to $148 million for the first indication and royalties on worldwide net sales of any products derived from the collaboration.
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