Glaxo signs early drug discovery deal with Biotica
LONDON (Reuters) - GlaxoSmithKline (GSK.L) has signed a three-year drug discovery deal with privately held biotech company Biotica Technology, giving the drugmaker access to Biotica's early-stage work in inflammatory diseases.
Biotica said on Monday it would receive an initial cash payment and up to 86 million pounds ($129.6 million) for each compound successfully developed.
Glaxo has also made an upfront equity investment in Biotica.
The collaboration focuses on novel erythromycin-based macrolide compounds for treating unspecified inflammatory diseases. These compounds have yet to reach the pre-clinical development stage, according to Biotica's website, which means they are still many years from hitting the market.
Biotica's most advanced research is in a group of compounds known as rapamycin analogues, where it is working with Wyeth (WYE.N).
(Reporting by Ben Hirschler; Editing by Jon Loades-Carter)
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