June 2 (Reuters) - GlaxoSmithKline Plc has agreed adeal worth more than $350 million with UK biotech companyAdaptimmune to develop cancer drugs, the Financial Timesreported on Monday.
London-based GSK, which sold its cancer drugs business toSwiss drugmaker Novartis in April, is expected to announce thedeal 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 developmentmilestones being met. (http://link.reuters.com/ryk79v)
Further payments would be due in subsequent years if GSKexercises all its options and targets continue to be met. Inaddition, Adaptimmune would receive sales royalties on anyproducts that reach market, the financial daily reported.
The newspaper said GSK would develop cell-based cancertherapies that involve re-engineering patients' white bloodcells to improve the body's ability to fight tumours.
The FT quoted James Noble, chief executive of Adaptimmune,as saying that the development work would be done at thecompany's laboratories in Oxfordshire - boosting efforts topromote the so-called "golden triangle" around Oxford, Cambridgeand London as a globally competitive biotech hub.
GSK and Adaptimmune could not be reached outside of normalbusiness hours. (Reporting by Aashika Jain in Bangalore; Editing by Eric Walsh)
Glaxosmithkline (GSK)
