Pharmacopeia has earned a milestone payment as part of its discovery collaboration with Celgene Corp., marking the completion of Pharmacopeia’s obligations under the terms of the companies’ agreement. Pharmacopeia is entitled to receive further milestone payments if collaboration programs progress into and through clinical development and royalty revenue if products are marketed.

“We are pleased with the success that we have achieved in collaboration with Celgene and are confident that its drug development expertise will best position the compounds for potential advancement,” said Les Browne, Ph.D., president and chief executive officer of Pharmacopeia. “By completing this program with Celgene, we not only receive an important milestone payment, but we are also able to focus more on our own internal drug discovery and development efforts.”

Pharmacopeia and Celgene have been collaborating on the discovery and development of candidate compounds, for further R&D by Celgene, since 2003. The collaboration agreement is structured to combine the companies’ strengths in R&D to enhance the probability of producing disease-altering, innovative new therapies addressing unmet medical needs in debilitating diseases.