PCOP and Pharmacia restructure deal

The companies ended a 1998 collaboration 6 months early and established a new agreement under which PHA will continue to develop certain lead compounds identified by Pharmacopeia (PCOP) under the original deal. PHA said its decision to terminate the two-year research agreement is a consequence of strategic changes resulting from PHA's merger with Monsanto, under which PHA gained access to the combinatorial library of Monsanto's Searle subsidiary. PCOP, which received a $2.5 million termination fee equal to the amount it would have received had the collaboration extended the full term, said it identified lead compounds against three PHA targets, triggering milestone payments. ...