Novartis buys remaining rights to GSK treatment for up to US $ 1bn

21 Aug 2015 - {{hitsCtrl.values.hits}}

REUTERS: Novartis has agreed to buy all remaining rights to Ofatumumab from Britain’s GlaxoSmithKline for up to US $ 1 billion, boosting the Swiss drugmaker’s stable of multiple sclerosis (MS) treatments.

Basel-based Novartis had previously acquired the rights to Ofatumumab for oncology indications, but it is currently being developed for relapsing remitting multiple sclerosis and other auto-immune conditions.

“Novartis is pleased to further reinforce our commitment to neuroscience and to add an exciting new treatment to our strong MS portfolio,” David Epstein, head of Novartis Pharmaceuticals, said in a statement.

Novartis will pay GSK US $ 300 million up front to buy the compound and a further US $ 200 million is payable after the start of a phase III study in MS by Novartis.

Payments of up to US $ 534 million will be made if pre-agreed milestones are met.

Novartis will also pay royalties of up to 12 percent to GSK on any future net sales of Ofatumumab in auto-immune conditions.

Other

Novartis buys remaining rights to GSK treatment for up to US $ 1bn

Most Popular Articles

Shipping majors circle Sri Lankan ports amid regional expansion race

ADB sees slower growth, higher inflation for Sri Lanka through 2027

Sri Lanka’s IMF reserve target comes under pressure: KPMG

HMD introduces latest range of feature phones to Sri Lanka

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

Latest News

House of Fashions owner remanded after Customs arrest

Kuwait International Airport suspends operations temporarily

Roshan Mahanama clarifies Dambulla Sixers role amid conflict of interest concerns

Trump threatens new Canada tariffs over fires sending ’filthy’ air into US cities

Over 4,600 cases filed over mosquito breeding sites so far in 2026