The Associated Press
July 29, 2010, 11:22AM ET
Anacor to receive $15 million payment from Glaxo
PALO ALTO, Calif.
Anacor Pharmaceuticals said Thursday it will receive a $15 million payment from GlaxoSmithKline on a deal over a potential antibiotic.
The payment was prompted by GlaxoSmithKline exercising its option to obtain an exclusive license to develop and sell GSK2251052, formerly known as AN3365. It is an antibiotic derived from Anacor's chemistry platform.
Aside from the payment, Anacor is eligible for further development and commercialization milestone payments and royalties on any future product sales.
GlaxoSmithKline shares fell 20 cents to $35.24 in morning trading.
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