GlaxoSmithKline Licenses Developing Cold Sore Drug
Wed, 12/16/2009 - 6:26am
NEW YORK (AP) — GlaxoSmithKline PLC licensed a developing over-the-counter cold sore treatment from NanoBio Corp. for $14.5 million upfront and future fees, the companies said Wednesday. Under the deal, GlaxoSmithKline gains exclusive rights for over-the-counter use of NB-001 in the U.S. and Canada. The drug candidate has completed mid-stage development. Privately held NanoBio plans to move it into late-stage development. NanoBio will receive the upfront payment in the deal and is eligible to receive additional milestone payments of up to $40 million plus single-digit royalties on future sales. U.S.-traded shares of U.K.-based GlaxoSmithKline rose 36 cents to $43.20 in morning trading.