VOL. 124 | NO. 122 | Wednesday, June 24, 2009
GlaxoSmithKline Gets Inflammatory Disease Partner
NEW YORK (AP) - British drug developer GlaxoSmithKline PLC said Tuesday it is collaborating with Chroma Therapeutics Ltd. to develop treatments for inflammatory disorders.
Chroma has the potential to receive $1 billion in milestone and option payments if all four programs under the deal are successful. The partnership will focus on using Chroma's technology to target specific cells at the root of inflammatory diseases such as rheumatoid arthritis.
During each program, Chroma is responsible for research and development activities through completion of clinical proof of concept studies. GlaxoSmithKline has the option to take the compounds to clinical trials.
Shares of GlaxoSmithKline rose 54 cents to $36.23 in Tuesday morning trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.