GlaxoSmithKline signs deal with Cellzome

GlaxoSmithKline has signed a deal to develop anti-inflammatory drugs with VC-backed Cellzome AG. The deal includes a £14.4m upfront payment in cash and equity. The rest of the payments are contingent on the success of experimental medicines as they progress through development, but the deal could be worth as much as $1.5bn, as Cellzome will receive as much as £118m per program in potential development, regulatory and commercial milestones and up to double digit royalties on eventual sales.

Backers of Cellzome include Atlas Venture, SV Life Sciences, Advent International, Invesco Private Capital, Index Ventures, Heidelberg Innovation, Sofinnova Partners and Astellas Venture Capital, who raised around $113m in VC funding since the company was established in 2000. The company employs researchers in Cambridge and is headquartered in Heidelberg.

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