Five Prime: Glaxo Exercises Option for Rights to Muscle-Disease Products
September 16 2014 - 10:25AM
Dow Jones News
By Tess Stynes
Five Prime Therapeutics Inc. (FPRX) said GlaxoSmithKline PLC
(GSK, GSK.LN) exercised its option for an exclusive global license
to products related to an undisclosed muscle-disease target
discovered by the clinical-stage biotechnology company.
Five Prime shares were recently trading at $12.07, up 4.9%.
Five Prime will receive a payment of $1.5 million in connection
with the option exercise and is eligible for as much as $122.5
million in milestone payments.
Five Prime and Glaxo began a collaboration in 2010 to discover
and develop drug targets for skeletal muscle diseases using Five
Prime's platform.
Write to Tess Stynes at tess.stynes@wsj.com
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