GSK awards Epix $5.5. milestone payment

NEW YORK Collaboration between GlaxoSmithKline and Lexington, Mass.-based pharmaceutical company Epix Pharmaceuticals has earned the latter $5.5 million in milestone payments, Epix announced Thursday.

Epix has discovered three new drug candidates for treating a number of diseases. Epix and GSK have been collaborating since December 2006, and Epix has already gained $35 million. If the collaboration goes as planned, Epix may earn up to $1.2 billion.

The $5.5 million payment comprises $3 million for identifying the candidates and another $2.5 million for overall progress. Epix previously received two milestone payments totaling $6 million.