In a deal that starts small but has a big upside, Santaris Pharma has forged a development pact with GlaxoSmithKline to develop new antiviral meds. Denmark's Santaris gets $3 million up front and a $5 million equity investment for the first program and up to $700 million in upfront fees and development and regulatory milestones. The upside depends on the early-stage research in RNA antagonist compounds. It's all good news for Santaris this week, which yesterday revealed that it had raised $30 million in its latest round of venture financing. For Glaxo, the deal is just the latest in a string of biotech pacts for 2007.
"We are confident that the high potency and exquisite precision of RNA targeting achievable by LNA oligonucleotides has the potential to achieve clinical breakthroughs in viral infections," said Santaris CSO Dr Henrik Ørum.
- check out the release for more info
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