Synta Pharmaceuticals receives cash payment from Glaxo
Synta Pharmaceuticals Corp. (Nasdaq: SNTA) said today that it received an upfront non-refundable cash payment of $80 million from GlaxoSmithKline for their joint development and commercialization of elesclomol.
The cash payment follows an expiration of a waiting period imposed by the Federal Trade Commission under the Hart Scott Rodino Antitrust Improvements Act. The agreement was originally entered into on Oct. 8.
Elesclomol is a small-molecule, oxidative stress inducer that is currently in a global, pivotal Phase 3 trial in metastatic melanoma.
Shares of Synta (SNTA) gained $0.54, or 7.36%, to $7.88 in pre-market trading. Pharmaceuticals Shares of Synta Pharmaceuticals have been trading in the range of $4.93 to $11.25 for the past 52 weeks.
