Archemix forms strategic alliance with GSK
Archemix Corp., a privately held biopharmaceutical company in Cambridge, said it has formed an alliance with GlaxoSmithKline plc, the British drug maker, that will yield Archemix an up-front payment of $27.5 million.
The "worldwide strategic alliance" will focus on discovering, developing, and commercializing aptamer therapeutics to treat inflammatory diseases such as rheumatoid arthritis and inflammatory bowel disease, Archemix and GSK said in a joint press release.
Archemix's area of concentration is the development of aptamers as a new class of directed therapeutics for the prevention and treatment of chronic and acute diseases.
The press release from the two companies said: "Under the terms of the agreement, Archemix will receive $27.5 million in up-front payments from GSK, including a $6.5 million equity investment by GSK in the company. Archemix could also be eligible to receive up to $200 million in development, regulatory and sales milestone payments for each of the seven aptamer therapeutics which may be discovered and developed as part of the alliance. Archemix would also receive tiered royalties up to lower double digits on worldwide sales of products that may result from the alliance."
If all the goals and milestones of the alliance are achieved, the alliance could be worth as much as $1.4 billion to Archemix, a company spokeswoman said.
Last month, NitroMed Inc., the Lexington company that marketed a heart medicine for blacks called BiDil, said it will merge in the second quarter of 2009 with Archemix. To read a Globe brief about that merger, please click here.
(By Chris Reidy, Globe staff)