Shares of XenoPort shot up 19 percent after the developer announced it is selling most of the worldwide rights to XP13512, a new version of the nerve drug gabapentin, to GlaxoSmithKline for $75 million up front and $275 million in developmental and regulatory milestones. XenoPort also stands to receive $290 million in potential sales milestones and tiered royalties. The drug is in late-stage trials for restless leg syndrome and mid-stage trials for neuropathic pain. XenoPort retains an option to co-promote the drug in the U.S.
Moncef Slaoui, chairman of R&D, GSK, hailed the collaboration pact as "another important late-stage program addition to GSK's R&D pipeline."
- see the release
- here's the AP report