GlaxoSmithKline, one of the world's leading research-based pharmaceutical and healthcare companies, and Archemix Corp. have announced a worldwide strategic alliance to discover, develop and commercialize aptamer therapeutics to treat inflammatory diseases, such as rheumatoid arthritis and inflammatory bowel disease.

Under the terms of the agreement, Archemix will receive $27.5 million in upfront payments from GSK, including a $6.5 million equity investment by GSK in the company.

In addition, Archemix could also be eligible to receive up to $200 million in development, regulatory and sales milestone payments for each of the seven-aptamer therapeutics, which may discovered and developed as part of the alliance.

It may be noted that Archemix would also receive tiered royalties up to lower double digits on worldwide sales of products that may result from the alliance.

Archemix - is a biotechnology company focused on discovering, developing and commercializing aptamer therapeutics.