GlaxoSmithKline and FivePrime ally on drug discovery

GlaxoSmithKline has entered into a strategic drug discovery alliance with FivePrime Therapeutics in order to deliver new treatments for skeletal muscle disorders such as sarcopenia and cachexia.

The deal will see GlaxoSmithKline gain access to FivePrime drug discovery platforms, including secreted proteins and transmembrane receptor proteins, while paying an upfront fee of $15 million (9.5 million pounds).

FivePrime will also be assisting in the identification of potential new targets and candidate compounds, which will then be developed and marketed exclusively by GlaxoSmithKline.

In total, FivePrime stands to receive up to $124 million in milestone payments depending on the success of the treatments.

Julia Gregory, president and chief executive officer of FivePrime, said: “Collaborating with GlaxoSmithKline will direct additional resources toward accelerating the development of novel drugs for patients suffering from … skeletal muscle disorders that are not well served today.”

Last month GlaxoSmithKline posted its financial results for the second quarter of 2010, reporting a seven per cent year-on-year sales growth.