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Pharmacopeia to get $5 million from GlaxoSmithKline
July 2007
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PRINCETON, N.J.Pharmacopeia is set to receive a payment of $5 million from GlaxoSmithKline, marking the second $5 million payment to be received by Pharmacopeia in connection with the product development and commercialization agreement entered into by the two companies in March 2006.
This payment is triggered by Pharmacopeia's completion of certain early discovery activities established under its agreement with GSK. Pharmacopeia is entitled to a third $5 million payment upon the completion of additional early discovery activities. Pharmacopeia is also entitled to success-based milestone payments totaling up to $83 million per program for any drug development program pursued through the multiprogram alliance and up to double-digit royalties on the sales of any products commercialized by GSK from the alliance.
 

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