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GSK Pays Synta $10M Milestone Fee

Synta Pharmaceuticals (NASDAQ:SNTA), a Lexington, MA-based developer of drugs for cancer and other diseases, says that it has received a $10 million payment from London-based drug giant GlaxoSmithKline for reaching an operational milestone in the development of elesclomol, which is in late-stage clinical trials for the treatment of metastatic melanoma in combination with chemotherapy drug paclitaxel. Synta’s collaboration with GSK to develop elesclomol has brought the firm total payments of $130 million since 2007, according to Synta.