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Novartis buys remaining rights to GSK treatment in deal up to $1 bln

Reuters - UK Focus

ZURICH, Aug 21 (Reuters) - 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 (Other OTC: GLAXF - news) .

Basel-based Novartis (Xetra: 904278 - news) will make an initial upfront payment of $300 million to GSK for the acquisition of the compound and a further $200 million payable following the start of a phase III study in MS by Novartis.

Payments of up to $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. (Reporting by Joshua Franklin; Editing by Gopakumar Warrier)