ZURICH, Aug 21 (Reuters) - Swiss drugmaker Novartis said on Friday it had agreed to buy all remainingrights to Ofatumumab, which is being developed for relapsingremitting multiple sclerosis and other autoimmune indications,from Britain's GlaxoSmithKline.
Basel-based Novartis will make an initial upfront payment of$300 million to GSK for the acquisition of the compound and afurther $200 million payable following the start of a phase IIIstudy in MS by Novartis.
Payments of up to $534 million may be made if pre-agreedmilestones are met, Novartis said in a statement.
Novartis will also pay royalties of up to 12 percent to GSKon any future net sales of Ofatumumab in autoimmune conditions. (Reporting by Joshua Franklin; Editing by Gopakumar Warrier)