Theravance, Astellas ink $65M deal

Theravance and Astellas Pharma have signed a deal to develop and market Theravance's antibiotic telavancin, an drug currently in phase III trials for skin infections and Hospital-Acquired Pneumonia (HAP). Astellas will make an initial payment of $65 million and will also pay Theravance up to $156 million in clinical and regulatory milestones. If the drug is approved, Theravance will receive royalties on global sales of the antibiotic.

- read this press release for more details on the deal