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Glaxo announces deal with U.K. firm
GlaxoSmithKline PLC today announced an agreement with Biotica Technology Ltd., a privately held United Kingdom biotechnology company, to develop treatments for inflammatory diseases based on the antibiotic erythromycin.
The deal calls for Biotica to receive an initial cash payment of an undisclosed amount.
Biotica also is eligible to receive as much as $128 million for every product that gets to market, as well as royalties on sales.
GlaxoSmithKline, which is based in London but has large operations in the Philadelphia region, also invested an undisclosed amount of equity in Biotica's Series D financing.
