NeuroSearch expands its alliance with GlaxoSmithKline  

Following a 5-year alliance with the US pharma giant, the Danish biotech firm is extending the collaboration with the addition of more novel compounds to the development portfolio
Danish biotechnology company NeuroSearch has announced that following the completion of a 5-year drug discovery alliance with US pharma giant GlaxoSmithKline (GSK), the collaboration is being extended with the addition of more novel compounds to the portfolio that is being developed under the existing alliance.
NeuroSearch writes in a press release that it will receive an undisclosed upfront payment and may receive up to DKK 812m (USD 142.5m) in pre-marketing milestone payments as well as sales royalties from GSK on each of the novel compounds in the expanded portfolio. In 2009-2010, upfront payment and potential short term milestone payments may exceed DKK 525m (USD 92m).
Under the agreement NeuroSearch retains a conditional right to sell additional ordinary NeuroSearch shares  as a share put option to GSK at market price for a total amount of up to DKK 149m (USD 26m) until the end of November 2010. The share put option can be exercised at NeuroSearch’s own discretion in four equal tranches in connection with initiation of Phase I studies with compounds from the expanded portfolio.
Headquartered in Ballerup on the outskirts of Copenhagen, NeuroSearch’s core business covers the development of novel drugs, based on a discovery platform focusing on ion channels and CNS disorders. The company's drug pipeline comprises 13 clinical  programmes in Phase I - III, and a broad portfolio of preclinical drug candidates. The company has approximately 240 employees.
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