SmithKline returns rights to Coulter

SmithKline Beecham (LSE:SB; SBH) returned development and commercialization rights to CLTR's Bexxar cancer therapy outside the U.S. As a result, CLTR will be eligible for less than the $76 million in milestones possible under the companies' 1998 joint commercialization agreement (see BioCentury, Dec. 7, 1998) . The company would not break out the fraction of milestones that were based on Europe. However, CLTR said it received concessions on U.S. milestones including the addition of an equity investment on top of the previously set cash payment upon BLA acceptance. The company said it has not yet received any milestones.

SB, which is merging with Glaxo Wellcome (LSE:GLXO; GLX), had reassessed the market for the product outside the U.S., according to CLTR. The pharma company had exclusive global marketing rights outside of Japan under the 1998 agreement. CLTR said it now will market Bexxar directly to specialty centers once European approvals are obtained, and may seek partners as well. ...