GlaxoSmithKline and Flamel Technologies reveal $45m licensing deal to develop new controlled release formulation
GlaxoSmithKline, London UK and Flamel Technologies S.A., Lyon, France have reached an agreement whereby Flamel licenses its controlled-release Micropump® technology to GlaxoSmithKline (GSK) to develop a new formulation for one of GSK’s existing products.
The collaboration will help GSK to maintain its leadership in product research and development.
Flamel receives an upfront payment of $2M and additional milestone payments based on successful development and sales. The deal could be worth $45 million in payments to Flamel, including about £25 million in milestone royalties. Flamel may also take part in the manufacture of product. The product and other terms have not been disclosed.
Gerard Soula, PhD, president and chief executive officer of Flamel, commenting on his excitement with Flamel’s second deal with GSK within the last nine months felt "confident of the potential of Micropump technology for these large, and still growing, markets."
Lawson Macartney, DVM., PhD., FRCPath, Head of the Cardiovascular, Metabolic and Urology Therapeutic Areas at GSK, was "eager to develop with Flamel, leading technologies within our therapeutic areas with the objective of providing the next generation of medicines."
Keywords : Flamel Technologies GSK Micropump controlled release formulation Licensing deal Manufacturing
