Valeant, GSK in retigabine deal

Valeant (NYSE:VRX) granted GlaxoSmithKline (LSE:GSK; NYSE:GSK) exclusive, worldwide rights to develop and commercialize retigabine. The potassium channel opener and potentiator of GABA has completed Phase III testing to treat epilepsy patients with refractory partial onset seizures, and regulatory submissions are expected in the U.S. and EU by early next year. Retigabine is in Phase IIa testing to treat pain associated with post-herpetic neuralgia (PHN). Valeant also granted GSK rights to VRX698 and other backup compounds from its potassium channel opener program. VRX698, a pro-drug of retigabine, is in preclinical testing for epilepsy.

Valeant will receive $125 million up front and is eligible for $545 million in milestones for retigabine, plus $150 million in milestones for VRX698 and the backup compounds. ...