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Home Industry News GlaxoSmithKline pays $5m milestone to Human Genome Sciences

GlaxoSmithKline pays $5m milestone to Human Genome Sciences

17th January 2006

GlaxoSmithKline (GSK) has made a $5 million milestone payment to its collaborator Human Genome Sciences.

The payment comes as GSK is to file an Investigational New Drug (IND) application to begin Phase I clinical trials of diabetes treatment GSK716155 (formerly known as Albugon).

Under the agreement, which has already seen GSK pay $12 million, total payments have the potential to reach $183 million, as well as any royalties on products developed and marketed.

H Thomas Watkins, president and chief executive of Human Genome Sciences, said: “We are pleased that GSK has chosen to advance GSK716155 to clinical development.

“It is our hope that this drug may ultimately offer a new option in the treatment of diabetes. We view the agreement as a strong indication of the potential of our albumin-fusion technology, and we look forward to continuing our support of GSK on this important program.”

track© Adfero Ltd

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