Merck and Theravance have signed a collaboration agreement with Merck to discover, develop and commercialize novel small molecule therapeutics directed towards a target being investigated for the treatment of hypertension and heart failure.

In exchange for granting Merck a worldwide, exclusive license to its therapeutic candidates, Theravance will receive a $5 million upfront payment, funding for research, and be eligible for milestone payments totaling up to $148 million for the first indication and royalties on worldwide net sales of any products derived from the collaboration.

"Despite years of medical advances, there remain significant unmet medical needs in the management of cardiovascular disease," said Mathai Mammen, M.D., Ph.D., senior vice president of Research and Early Clinical Development at Theravance. "Over the last several years, Theravance has gained significant insights into the design of novel molecules directed towards certain cardiovascular targets. We are pleased to be working with Merck, an industry leader in the development of innovative cardiovascular medicines, to bring new therapies to patients."