Schering-Plough to Develop Small Molecule Drug Identified by Pharmacopeia

Pharmacopeia Drug Discovery has announced that Schering-Plough has decided to initiate preclinical development of a novel small molecule drug candidate identified as part of the companies' collaboration targeted at inflammatory disease.

This development, which was contingent on Pharmacopeia meeting all predetermined drug candidate criteria, triggers an undisclosed cash milestone payment to Pharmacopeia.

Pharmacopeia will receive additional milestone payments to the extent the compound progresses through clinical development, as well as royalties on commercial sales of any products resulting from the collaboration.