GlaxoSmithKline is paying up to $666.3 million for restless leg syndrome drug

GSK  said on Thursday it would pay XenoPort Inc up to 338 million pounds ($666.3 million) for rights to co-develop and sell the U.S. firm's Phase III restless leg syndrome drug XP13512.  

GlaxoSmithKline will launch five new products in 2007.

GSK  said on Thursday it would pay XenoPort Inc up to 338 million pounds ($666.3 million) for rights to co-develop and sell the U.S. firm's Phase III restless leg syndrome drug XP13512.  

GlaxoSmithKline will launch five new products in 2007.

• Tykerb (lapatinib) for breast cancer
• Cervarix for the prevention of cervical cancer
• Allermist/Avamys for allergic rhinitis
• a once-daily cardiovascular treatment Coreg CR (carvedilol)
• Trexima (sumatriptan plus naproxen) for migraine

GSK reported 2006 fourth quarter net income of nearly $2.4 billion, compared to $2.25 billion in the same period a year earlier. This is 6 percent increase in fourth quarter earnings driven by solid gains in pharmaceutical sales in the United States.

GSK also announced Thursday that the U.S. FDA has granted approval for its over-the-counter, weight-loss drug Alli (orlistat).