GSK to Sell Rights in Ofatumumab for Auto-Immune Indications to Novartis For Up to $1 Billion
August 21 2015 - 2:19AM
Dow Jones News
By Ian Walker
LONDON--GlaxoSmithKline PLC (GSK.LN) said Friday it would sell
its rights in ofatumumab for auto-immune indications, including
multiple sclerosis, to Novartis AG (NVS) for up to $1 billion, plus
royalties.
The deal follows a previously agreed asset swap between the two
companies, which was completed earlier this year.
Upon completion of the latest transaction, which is expected by
the end of the year, Novartis will own rights to ofatumumab in all
indications. Under the deal, Novartis will also pay royalties of up
to 12% to Glaxo on any future net sales of ofatumumab in
auto-immune indications.
"We continue to focus on progressing our pipeline in core
therapy areas including HIV, oncology, vaccines, cardiovascular,
immuno-inflammation and respiratory diseases. We believe GSK's
pipeline has significant potential to drive long-term performance
for the Group and will be profiling it further at our R&D event
in November," Glaxo Chief Strategy Office David Redfern said.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 21, 2015 02:04 ET (06:04 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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