LONDON (Reuters) - A $600 million alliance between GlaxoSmithKline Plc (GSK.L: Quote, Profile, Research) and Regulus Therapeutics should produce drugs ready for clinical development within three years, the chief executive of Regulus said on Thursday.

Kleanthis Xanthopoulos also said it was not his goal to strike further deals with large pharmaceutical companies this year, although there was plenty interest in the group's oncology and virology programmes.

The tie-up with Glaxo covers inflammatory diseases.

"We expect to see the first clinical candidates (from the Glaxo alliance) over the next three years and hopefully can introduce some of these molecules in the clinic shortly thereafter," Xanthopoulos said in a telephone interview.

Europe's biggest drugmaker by sales has an option to license product candidates directed at four different targets, with Regulus eligible to receive up to $144.5 million in milestone payments for each. In addition, Regulus will get $20 million in upfront payments.

Regulus is a joint venture between U.S. biotech companies Alnylam Pharmaceuticals Inc (ALNY.O: Quote, Profile, Research) and Isis Pharmaceuticals Inc (ISIS.O: Quote, Profile, Research).

(Reporting by Ben Hirschler; Editing by Rory Channing)