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Glaxo to pay $15M for diabetes drug milestone

GlaxoSmithKline PLC will give a $15 million milestone payment to Tolerx Inc. because the Cambridge, Mass., company began a late-stage human clinical trial for a new diabetes treatment called otelixizumab.

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GlaxoSmithKline PLC will give a $15 million milestone payment to Tolerx Inc. because the Cambridge, Mass., company began a late-stage human clinical trial for a new diabetes treatment called otelixizumab.

The trial will take place at centers in both North America and Europe.

GlaxoSmithKline is based in the United Kingdom but has U.S. headquarters in Philadelphia.