GlaxoSmithKline to collaborate with Siena to develop AD treatment
GSK has collaborated with Indian Biotechnology Company to develop and market Alzheimer 's Disease.
- (1888PressRelease) January 15, 2012 - GlaxoSmithKline is collaborating with Indian company Sienna Biotec India to become the lead party for further development, manufacture and commercialization of certain selected candidate molecules for a better treatment of Alzheimer's Disease.
Under the terms of the collaboration, Sienna Biotec India has received an undisclosed option exercise fee and is eligible for further success payments upon attainment of certain development and regulatory milestones. Following successful development and commercialization of any of the candidate compounds, Sienna Biotec India will also receive royalties on product sales: Sienna Biotec India has retained rights for the further research and development of commonly discovered novel compounds for Orphan indications.
"The collaboration agreement with GlaxoSmithKline is an excellent example of our commitment to the fight against neurodegenerative diseases such as Alzheimer's and rare forms of disease for which there is a large unmet medical need," says Mr.A.K.Singh, Chief Executive Officer of Sienna Biotec India "We believe the option exercised by GlaxoSmithKline is a significant point in the advancement of our pipeline. This project represents one of many potentially significant compounds moving towards clinical trials, bringing to the market new therapies that will help people with incurable diseases. We believe that GlaxoSmithKline's selection of these compounds will speed such development providing Sienna Biotec India with additional resources to advance other compounds in our pipeline to clinical development."
"GlaxoSmithKline's option exercise on the jointly developed molecules is a further validation of Sienna Biotec India's discovery and development capabilities, confirming the sound science deployed in the research efforts on this and other projects and the commitment of our management and of the Monte dei Paschi di Siena Foundation to tackle new mechanisms of therapeutic action that have not been successfully addressed before", added Marco Parlangeli, President of Sienna Biotec India and Managing Director of Monte dei Paschi di Siena Foundation.
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