GlaxoSmithKline Plc has agreed a deal worth more than $350 million with UK biotech company Adaptimmune to develop cancer drugs, the Financial Times reported on Monday.
London-based GSK, which sold its cancer drugs business to Swiss drugmaker Novartis in April, is expected to announce the deal on Monday, according to an FT report.
The newspaper said that GSK would pay Adaptimmune as much as $350 million over the next seven years, subject to development milestones being met.
Further payments would be due in subsequent years if GSK exercises all its options and targets continue to be met. In addition, Adaptimmune would receive sales royalties on any products that reach market, the financial daily reported.
The newspaper said GSK would develop cell-based cancer therapies that involve re-engineering patients’ white blood cells to improve the body’s ability to fight tumors.
The FT quoted James Noble, chief executive of Adaptimmune, as saying that the development work would be done at the company’s laboratories in Oxfordshire – boosting efforts to promote the so-called “golden triangle” around Oxford, Cambridge and London as a globally competitive biotech hub.
This article has been extracted from http://news.yahoo.com, please click on this link to read the article in full http://news.yahoo.com/gsk-350-million-deal-develop-cancer-drugs-uk-235742780–finance.html
Montash is a multi-award winning, global IT recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:
ERP, BI & Data, Information Security, IT Architecture & Strategy, Scientific Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.
With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.