Shares of Denmark's NeuroSearch jumped 10 percent on the news that it has expanded its alliance with GlaxoSmithKline. In the new deal, NeuroSearch will gain shares of GSK worth up to $38.2 million. In the revised pact, NeuroSearch will be responsible for development work on some drug candidates through Phase IIa, with Glaxo taking over late-stage development. Milestone payments to NeuroSearch will begin at the initiation of Phase I. Glaxo also gains full access to NeuroSearch's ion channel platform.
- see this release on the new deal