December 17th, 2009

Philadelphia Inq reports:

Drug company GlaxoSmithKline P.L.C. said it would pay an Ann Arbor, Mich., company an initial $14.5 million to license a new over-the-counter compound for cold-sore treatment. The agreement with NanoBio Corp. provides for added milestone payments of up to $40 million, plus royalties on future sales. NanoBio’s treatment, NB-001, has shown efficacy and safety in two Phase 2 clinical trials, the companies said. Glaxo’s existing over-the-counter cold-sore medication, Abreva, has a 50 percent market share, according to Glaxo. London-based GlaxoSmithKline has large operations in Philadelphia. – Reid Kanaley