Indian generics major, Ranbaxy Laboratories Limited has achieved a significant milestone in its collaboration with GSK.
The company's New Drug Discovery Research (NDDR) team has finished the development of a new compound for respiratory inflammation.
As per the recently signed multi-year agreement signed between the two companies in 2003, Ranbaxy will further profile this drug candidate through pre-clinical studies and take it through an Investigational New Drug (IND) application.
Ranbaxy will also be responsible for conducting phase I and phase II clinical studies through to proof of concept. GSK will then have the option to conduct further development through to final commercialization.
Dr Pradip Bhatnagar, Senior Vice President, New Drug Discovery, Ranbaxy, said, "A dynamic collaboration between GSK's CEEDD and Ranbaxy has been the key for this success. This achievement also reflects the discovery capabilities of Ranbaxy's research team and the growing partnership between the two organizations in the area of NCE research."
Ranbaxy could receive over $100 million in potential milestone payments for a product developed by Ranbaxy and subsequently launched by GSK in multiple indications and up to double digit royalties on worldwide net sales.