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SOUTH SAN FRANCISCO, Calif., Oct. 16, 2012 (GLOBE NEWSWIRE) -- Theravance, Inc. (Nasdaq:THRX) announced today that it has signed a collaboration agreement with Merck, known as MSD outside the United States and Canada, to discover, develop and commercialize novel small molecule therapeutics directed towards a target being investigated for the treatment of hypertension and heart failure.
In exchange for granting Merck a worldwide, exclusive license to its therapeutic candidates, Theravance will receive a $5 million upfront payment, funding for research, and be eligible for milestone payments totaling up to $148 million for the first indication and royalties on worldwide net sales of any products derived from the collaboration.
"Despite years of medical advances, there remain significant unmet medical needs in the management of cardiovascular disease," said Mathai Mammen, M.D., Ph.D., Senior Vice President of Research and Early Clinical Development at Theravance. "Over the last several years, Theravance has gained significant insights into the design of novel molecules directed towards certain cardiovascular targets. We are pleased to be working with Merck, an industry leader in the development of innovative cardiovascular medicines, to bring new therapies to patients."
"Merck remains committed to the discovery and development of new therapies for cardiovascular disease," said Michael Mendelsohn, M.D., Senior Vice President, Cardiovascular Research at Merck. "By combining Merck's experience with the strengths of the Theravance team we are well positioned to advance this new collaboration forward."
About Cardiovascular Disease
Cardiovascular disease (CVD) encompasses diseases, such as hypertension and heart failure, in which changes in the heart and blood vessels are associated with morbidity and mortality. Collectively, CVD is the leading cause of death and disability in the world.