Synta Pharmaceuticals to get $25 million from GlaxoSmithKline
The Associated Press reports that Synta Pharmaceuticals Inc. will receive a $25 million payment from GlaxoSmithKline PLC after reaching milestones under a development agreement for the cancer drug elesclomol. The injectible drug is undergoing a late-stage clinical trial to treat metastatic melanoma, a type of skin cancer that has spread elsewhere in the body, and has not been approved in any market. Elesclomol is designed to start apoptosis, or programmed cell death, in cancer cells. Synta could earn two additional payments of $25 million for completing enrollment in the trial and if the trial meets the primary endpoint or if the two companies decide to file for regulatory approval. The collaboration between the companies calls for a potential total of $585 million in development and regulatory milestone payments.