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GSK divests rare disease gene therapy drugs to Orchard Therapeutics

Reuters - UK Focus

LONDON, April 12 (Reuters) - GlaxoSmithKline (Other OTC: GLAXF - news) said on Thursday is was transferring its rare disease gene therapy drugs to Orchard Therapeutics as Chief Executive Emma Walmsley makes good on her promise to prune the drugmaker's pharmaceuticals portfolio.

Under the deal, GSK will receive a 19.9 percent stake in unlisted Orchard and get a seat on its board. GSK will also receive financial considerations in the form of royalties and commercial milestone payments related to the acquired portfolio.

(Reporting by Ben Hirschler; editing by Jason Neely)