|
An obscure Mountain View biotechnology company named ChemoCentryx, which makes drugs for bowel and other inflammatory disorders, has signed a deal worth $1.5 billion with GlaxoSmithKline to develop its products for the drug giant.
Don't know how long this relative success of biotech and life-sciences will last, but this is just another reminder of the question we asked a couple of weeks ago: "Are you in the wrong business?"
It's the second biggest drug-development pact ever between a pharmaceutical firm and biotech company, and the largest deal in California. The company has to meet certain milestones to get the full $1.5 billion.