Novartis buys remaining rights to GSK treatment in deal up to US$1b
[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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Jim Beam owner bets on canned vodka cocktails to double revenue
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Cordlife served letter of demand, notice of claim from customers
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director
GSK profit drops 23% in Q1 on higher costs