GlaxoSmithKline receives $94 M grant for GSK ‘052
An endeavor to support research and clinical testing for an antibiotic has led the U.S. Department of Health and Human Services to award GlaxoSmithKline PLC with a whopping $94 million grant.
The antibiotic labeled GSK ‘052 has been discovered by Anacor Pharmaceuticals Inc., and the grant will be utilized to evaluate its use against bioterrorism threats. Anacor based in Palo Alto, Calif., said that a mid-stage trial for ventilator-associated pneumonia and a late-stage study for complicated intra-abdominal infections would also be funded with the same money. The department’s Biomedical Advanced Research and Development Authority is said to provide the 4-year funding.
GSK ‘052 acts by targeting a bacterial enzyme required for protein synthesis.
Last year, the antibiotic was licensed to the British drugmaker by Anacor to obtain an option exercise fee of $15 million. Anacor is due to receive royalty payments, commercial milestone payments of up to $175 million, and is also eligible for future development milestone payments of up to $75.5 million.
GSK ‘052 is being developed and marketed by Glaxo.
In premarket trading, Glaxo’s U.S. shares jumped 14 cents to $41.69.