SuperGen grants GSK option, reports earnings

SuperGen Inc. (NASDAQ:SUPG) gained $0.32 (13%) to $2.70 on Monday after granting GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) an option to a preclinical program against undisclosed epigenetic targets to treat cancer. SuperGen will develop the program through to clinical proof-of-concept, after which GSK will have the option to license exclusive, worldwide rights to the program. SuperGen will receive $5 million up front, including a $3 million equity investment by GSK. SuperGen also will be eligible for up to $375 million in milestones, plus royalties. ...