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GlaxoSmithKline plc

Drug Names(s): abarelix for injectable suspension

Description: Plenaxis is an injectable decapeptide antagonist gonadotropin-releasing hormone (GnRH).

Deal Structure: PRAECIS PHARMACEUTICALS INCORPORATED entered into a license, supply and distribution agreement with Schering AG, of Berlin, Germany, on April 28, 2004 for the commercialization of Plenaxis in the field of prostate cancer across Europe, Russia, the Middle East, South Africa, Australia and New Zealand.

Under the agreement, PRAECIS will receive a combination of upfront, regulatory approval and performance-based milestone payments, as well as a share of revenue through transfer price payments based on sales volume for drug product which will be supplied by PRAECIS. The overall financial terms are intended, depending upon performance levels, to approximate an equal sharing of the value of the product.

In September 2005, PRAECIS received notice from Schering AG of Germany that it was exercising its right to terminate the parties' license, supply and distribution agreement due to PRAECIS not having received marketing authorization for Plenaxis in Germany with a requisite label by June...See full deal structure in Biomedtracker

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