Glaxo inks up to $1 billion deal for Synta cancer drug

GlaxoSmithKline Plc has licensed Synta Pharmaceuticals Corp's experimental drug for advanced melanoma in a deal that could earn the U.S. biotech firm up to $1.01 billion, the two companies said on Wednesday.

Synta, whose shares rose 24 percent in pre-market trading, will receive $80 million as an upfront payment.

"I am thrilled. It's a transformative event for the company," Synta Chief Executive Safi Bahcall said in an interview.

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- Posted: 2007-10-10 10:18:59

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