Vernalis has obtained a final payment of $2.5m from its drug discovery collaboration with Genentech, a member of the Roche Group.
The collaboration was formed to discover novel small molecules for an undisclosed target using Vernalis' fragment and structure-based drug discovery technology.
Vernalis said the final payment is in addition to $1.5m milestone received previously under the drug discovery collaboration.
The full financial details of the agreement have not been disclosed.
Vernalis CEO Ian Garland said, "We are delighted to receive this further payment which endorses the success of our Research group's work in collaboration with Genentech."
Source:
http://drugdiscovery.pharmaceutical-business-review.com/news/vernalis-receives-25m-final-payment-from-genentech-050313
