GlaxoSmithKline PLC (GSK, GSK.LN) agreed to pay Impax
Laboratories Inc. (IPXL) $11.5 million upfront, with potential
milestone payments of up to an additional $175 million, for an
exclusive license to sell the generic-drug maker's treatment for
Parkinson's Disease outside the U.S. and Taiwan.
Under the agreement, Impax also would be eligible for tiered
double-digit royalty payments.
The Parkinson's treatment currently is in late-phase clinical
trials. The company expects to release study results next year and
to file a new drug application with the U.S. Food and Drug
Administration in late 2011.
Glaxo, with the exception of the U.S. and Taiwan, will be
responsible for further development and commercialization of the
drug.
Impax last month reported that its third-quarter profit soared
on the addition of sales of its generic Adderall extended-release
drug and other products and $196.4 million in previously deferred
revenue owing to modifications of its strategic alliance with Teva
Pharmaceutical Industries Ltd. (TEVA, TEVA.TV).
Glaxo's American depositary shares closed Wednesday at $39.80
while Impax shares were at $19.59.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com;