Danish biotech company Genmab has entered into an agreement with UK pharma major GlaxoSmithKline and Swiss drug major Novartis to transfer the ofatumumab collaboration, currently with GSK, to Novartis.
This follows an announcement in April 2014 that Novartis would acquire GSK’s oncology products, and the transfer of ofatumumab will only become effective on the closing of the GSK/Novartis transaction, expected in the first half of next year.
Upon transfer, Novartis is to develop and commercialize ofatumumab in oncology indications and GSK would continue to develop and commercialize the drug for autoimmune indications. The terms of the deal state that Genmab is not required to pay existing funding liabilities, or to fund research and development costs beyond December 31, 2014.
Jan van de Winkel, chief executive of Genmab, said: “The collaborations with Novartis and GSK for this innovative therapeutic antibody will help ofatumumab reach its fullest potential, while improving cash flows.”
Additionally, on completion of the transfer of the collaboration, Genmab will be able to develop follow-on CD20 products.