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GlaxoSmithKline plc

Drug Names(s): PVAC

Description: PVAC is an immunomodulator derived from killed Mycobacterium vaccae.

Deal Structure: In August 2000, Corixa entered into a multi-year development, commercialization and license agreement with Medicis covering Corixa's psoriasis immunotherapeutic product, PVAC treatment. Under the agreement Corixa provides Medicis exclusive rights to PVAC treatment in the United States and Canada. Corixa is predominately responsible for development and manufacturing, and Medicis will be responsible for commercialization and distribution. Under the terms of the agreement, Medicis may be required to pay Corixa license fees, research funding and earned milestone payments, including commercialization and cumulative net sales threshold milestone payments. Medicis made a nonrefundable payment of $17 million upon effectiveness of the agreement. Additionally, upon commercial sale of the product, Medicis has agreed to purchase inventory from Corixa and pay a royalty on net sales of the product.

In July 2005, Corixa Corporation announced that its stockholders adopted the merger agreement...See full deal structure in Biomedtracker

Partners: Valeant Pharmaceuticals International, Inc. Zenyaku Kogyo Co., Ltd.


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