GlaxoSmithKline enters 5 year agreement with NeuroSearch  

2003.12.23
The medical giant takes an 8% stake in the Danish biotech company and acquires sales rights to a pipeline drug

Anglo-American medical giant GlaxoSmithKline has entered a 5 year research and development agreement with the Danish biotech company NeuroSearch. In the next 5 years NeuroSearch is guaranteed payments of DKK 610 million (USD 104 million) which will finance the company’s research costs for 2004. GlaxoSmithKline has also acquired sales rights to a new drug – called ns2359 – for the treatment of hyperkinetic children.

 

If NeuroSearch reaches the expected milestones in developing ns2359 it will receive a further DKK 733 million (USD 125 million) in payments on top of the DKK 610 million. As a part of the agreement GlaxoSmithKline becomes a shareholder in NeuroSearch with 8% ownership.

 

NeuroSearch is a biopharmaceutical company with compounds in clinical development and a portfolio of drug discovery programmes primarily focused on the area of CNS diseases. The news is reported by national daily newspaper Jyllands-Posten.

 

Link > NeuroSearch

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