(ShareCast News) - GlaxoSmithKline has sold all the rights to its ofatumumab drug to Novartis for up to £1.03bn, extending a previous disposal agreement.GSK previously agreed to divest the drug's oncology indications and has now agreed to include its rights in ofatumumab for auto-immune indications, including multiple sclerosis, which the company said represented the crystallisation of "significant" additional value for GSK's shareholders.The consideration payable by Novartis Pharma comprises a series of milestone payments, with $300m payable at the closing of the deal, $200m subject to the start of a phase III study in relapsing remitting multiple sclerosis and further contingent payments of up to $534m payable on the achievement of certain other development milestones.Novartis will also pay royalties of up to 12% to GSK on any future net sales of ofatumumab in auto-immune indications."We are pleased to have completed this transaction to divest the remaining rights in ofatumumab, crystallising significant additional value for GSK shareholders," said chief strategy officer David Redfern. "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."