Issue Date: October 15, 2007
GSK Enters Drug Development Pacts
GlaxoSmithKline has formed two drug discovery partnerships and named a successor to its CEO. GSK and Anacor Pharmaceuticals are teaming up to discover, develop, and commercialize viral and bacterial disease therapies based on Anacor's boron-based chemistry platform. The agreement could involve up to four discovery targets and at least eight products. Anacor will receive a $12 million up-front payment and a $10 million equity-financing commitment from GSK. GSK also signed an agreement with Synta Pharmaceuticals for the development and commercialization of STA-4783, Synta's metastatic melanoma treatment, outside the U.S. Synta will receive an up-front cash payment of $80 million, and GSK may purchase up to $45 million of Synta's common stock. Meanwhile, GSK has named Andrew Witty, currently president of its European pharmaceuticals business, as the designated successor to CEO Jean-Pierre Garnier following Garnier's scheduled retirement in May 2008.
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