Anacor Pharmaceuticals will pocket an initial $50 million and up to $575 million in milestones in a licensing deal with Schering-Plough involving an experimental fungal therapy. Palo Alto, CA-based Anacor gets a $40 million upfront fee and a $10 million financing commitment for the pact regarding AN2690. Schering-Plough takes over the development of the drug, now in Phase II, while Anacor retains the right to co-promote the therapy in the U.S. to dermatologists.
"The co-promote option gives Anacor the opportunity to build a fully-integrated pharmaceutical company in the future," said David Perry, CEO of Anacor.
- here's the release on the licensing deal