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Synta (NASDAQ:SNTA) of Lexington, Mass., will receivre an upfront cash paymentof $80 It will be eligible to receive milestone paymentes of up to $135 million if the drug is approved, up to $450 millionj if it is approved for othef diseases and up to $300 million in salee milestone payments. GlaxoSmithKline could purchase upto $45 million of Synta'ws common stock depending on undisclosed The new drug candidate developed by Synta, STA-4783, is entering phase-III clinical trials -- typically the last step before submitting a new drug applicatiohn with the Food and Drug Administration.
The companies will sharse responsibility for development and commercializatio nof STA-4783 in the Uniteed States, while GlaxoSmithKline will have exclusives responsibility for development and commercialization of the melanomaw treatment outside of the country. Melanoma is the deadliest skin cancer. Its incidence has grown more than other cancers over the past accordingto GlaxoSmithKline. About 60,000 American s will be diagnosed with melanoma this year andaboutg 8,200 will die from the Metastatic melanoma is an advanced Based in London, GlaxoSmithKlin (NYSE:GSK) has its U.S. headquartersx in Philadelphia.
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