In a scenario that has come to typify the pitfalls of biotech companies’ relationships with big pharma, GlaxoSmithKline has pulled out of its development alliance covering Futura’s MED2002 topical erectile dysfunction product, apparently as a result of changed priorities within its OTC business. The market has reacted harshly, with the shares down more than 30% this morning and now trading at an all-time low. Although this represents a significant setback to Futura, it can be seen as a buying opportunity, if – as is probable – Futura can secure an alternative commercialisation partner and/or get the MED2002 project back on track.

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