Pharmacopeia Inc. (PCOP), a biopharmaceutical company, on Wednesday said that it would receive a payment of $5 million from GlaxoSmithKline (GSK) for the completion of certain early discovery activities.
This milestone payment is the second $5 million from GlaxoSmithKline under the March 2006 development agreement signed between the companies. Pharmacopeia said it would receive the third $5 million milestone payment for the early completion of certain early discovery activities.
Under the deal, Pharmacopeia is entitled to receive total milestone payments of up to $83 million per program and get up to double-digit royalties on the sales of any products commercialized by GSK from the alliance.
GlaxoSmithKline said that it is currently looking forward to discover and develop drugs by creating a small dedicated team. The Center of Excellence for External Drug Discovery or CEEDD was formed by the GSK to form small, independent and accountable R&D teams.
PCOP is currently trading at $5.81, up 12 cents or 2.11%. GSK is currently trading at $51.89, down 15 cents.
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