10/16/2012 8:54:25 AM
Theravance Inc. (THRX) signed a collaboration agreement with Merck & Co. (MRK) to develop and commercialize the biopharmaceutical company's product candidates for hypertension and heart failure in a deal valued at up to $153 million. Merck would receive exclusive global license to Theravance's drug candidates. Theravance will receive $5 million upfront and up to $148 million in milestone payments, as well as royalties from any products that come out of the collaboration. Large pharmaceutical companies such as Merck have been forming collaborations with smaller drug developers to help fill their pipelines as the industry grapples with a patent cliff. Theravance's other strategic collaborations include one with GlaxoSmithKline PLC (GSK, GSK.LN).
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