Pharmacopeia gets $50M Celgene milestone

US small-molecule drugmaker Pharmacopeia has earned a milestone payment as part of its discovery collaboration with New Jersey, USA-headquartered Celgene Corp.

This milestone marks the completion of Pharmacopeia's obligations under the terms of their 2003 accord, which was expanded a year later (Marketletter March 29, 2004). However, the firm is entitled to receive further milestones if collaboration programs progress through clinical development, as well as royalty revenue if products are marketed.

Les Browne, Celgene's chief executive, said the payment would help the firm "focus more on [its] own internal drug discovery and development efforts."