(Adds confirmation from Adaptimmune)
June 2 (Reuters) - GlaxoSmithKline Plc has agreed adeal worth more than $350 million with British biotech companyAdaptimmune to develop cancer drugs based on novel cell-basedtherapies.
Adaptimmune said on Monday it would collaborate with GSK onits lead clinical programme, which it said had already generatedencouraging results in multiple myeloma, melanoma, sarcoma andovarian cancer in trials in the United States.
The privately-owned company said it could receive paymentsin excess of $350 million over the next seven years from thetie-up, subject to development goals being met, and significantdevelopment and commercialisation payments in subsequent years.
Adaptimmune said it would also receive sales royalties,ranging from single to double digits on net sales, on anyproducts that reach market.
The company's cancer therapies work by re-engineering thepatient's own t-cells, a type of white blood cell, to target anddestroy cancerous or infected cells. (Reporting by Aashika Jain in Bangalore and Paul Sandle inLondon; Editing by Eric Walsh and Kate Holton)
Glaxosmithkline (GSK)