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[ZURICH] Swiss drugmaker Novartis said on Friday it had agreed to buy all remaining rights to Ofatumumab, which is being developed for relapsing remitting multiple sclerosis and other autoimmune indications, from Britain's GlaxoSmithKline.
Basel-based Novartis will make an initial upfront payment of US$300 million to GSK for the acquisition of the compound and a further US$200 million payable following the start of a phase III study in MS by Novartis.
Payments of up to US$534 million may be made if pre-agreed milestones are met, Novartis said in a statement.
Novartis will also pay royalties of up to 12 percent to GSK on any future net sales of Ofatumumab in autoimmune conditions.