GSK signs 3bln Swiss franc insomnia research deal with Actelion
July 14, 2008
British pharmaceutical giant GlaxoSmithKline (GSK) said Monday it had signed a deal with Swiss peer Actelion worth a potential 3.3 billion Swiss francs (2.0 billion euros) for insomnia research.
Under the deal, GSK will contribute 40 percent of the costs of researching and commercialising Actelion's insomnia treatment almorexant, which is currently in phase 3 of clinical trials.
Actelion will receive an upfront payment of 150 million Swiss francs, with a further 415 million francs up for grabs if the insomnia tests prove satisfactory, GSK said in a statement.
The Swiss company will also be eligible for further milestone payments of up to 2.735 billion Swiss francs should almorexant prove successful in all tests and hit its sales targets, making the deal worth a potential total of 3.3 billion francs.
"Almorexant has the potential to fundamentally change the treatement of sleep disorders," Actelion chief executive officer Jean-Paul Clozel said.
GSK "is the ideal partner to work with Actelion to rapidly bring this novel medicine -- with the potential to restore normal physiological sleep -- to insomnia patients all around the globe," he added.