Schering-Plough selected the first compound from its collaboration with Pharmacopeia for preclinical development. This step triggers a $1-million milestone payment to Pharmacopeia.
"This novel compound and its promising attributes were the basis for the extension of our collaboration with Schering-Plough last fall," states Les Browne, Ph.D., president and CEO of Pharmacopeia.
Schering-Plough is solely responsible for further development and commercialization of these candidates. However, Pharmacopeia is eligible to receive additional milestone payments related to the successful advancement of these programs and will also receive royalties on sales of any therapeutic products resulting from these programs.