Immunocore Limited, the Oxford-based biotechnology company developing novel biological drugs to treat cancer and viral disease, today announced the achievement of its first milestone in its major research and licensing agreement with GlaxoSmithKline (GSK) for multiple novel targets.
The achievement comes less than four months after the companies signed their agreement and triggers a first undisclosed milestone payment to Immunocore following the identification of a first lead candidate ImmTAC against one of the targets.
Under the agreement announced in July, Immunocore will receive up to £142 million in pre-clinical milestone payments across the targets. In addition, for each product that reaches the market, up to £200 million is due to Immunocore in development and commercial milestone payments, as well as up to double digit royalties.
Immunocore is responsible for all pre-clinical development activity and for initial clinical trials in patients while GSK will handle the remaining development and commercialisation of the products.
Please click here for original source.