GlaxoSmithKline pays Epizyme milestone fees for cancer drugs

GlaxoSmithKline has paid milestone fees to partner Epizyme following the advancement of development work on new cancer therapies.

The company has made a payment of $4 million (2.53 million pounds) following the achievement of pre-clinical objectives during studies into novel small molecule therapeutics targeting histone methyltransferases.

This important new class of epigenetic enzymes is being collaboratively developed by the two companies for the treatment of cancer and other diseases, as part of an agreement signed in January 2011.

Under the terms of this arrangement, Epizyme could receive payments of up to $630 million, if medicines are successfully commercialised for all targets.

Dr Robert Copeland, executive vice-president and chief scientific officer of Epizyme, said: "The rapid progress we have made in our alliance with GlaxoSmithKline provides further validation of Epizyme's ability to discover small molecule histone methyltransferase inhibitors as personalised therapeutics for genetically-defined cancer patients."

Earlier this month, GlaxoSmithKline announced plans to provide funding to the US-based National Comprehensive Cancer Network to support research into two new melanoma therapies.