Glaxo in up to $330 mln deal with Austrian biotech

LONDON Feb 3 (Reuters) - GlaxoSmithKline (GSK.L) has bought rights to an early-stage lung disease drug from Austrian biotech company Apeiron Biologics in a deal worth up to 207 million pounds ($330 million), the Austrian company said on Wednesday.

British-based Glaxo -- a leader in lung treatments -- will have exclusive rights to APN01, an experimental medicine in Phase I development for the treatment of acute respiratory distress syndrome.

Privately owned Apeiron will receive an upfront payment of 11 million pounds in cash and equity investment, and total milestone payments could reach 207 million in the event of launch in multiple indications. Apeiron will also receive royalties on any future sales.

(Reporting by Ben Hirschler; editing by John Stonestreet)