GSK inks deal to develop cancer drugs

GlaxoSmithKline Plc has agreed a deal worth more than $350 million with British biotech company Adaptimmune to develop cancer drugs based on novel cell-based therapies.

Adaptimmune said on Monday it would collaborate with GSK on its lead clinical program, which it said had already generated encouraging results in multiple myeloma, melanoma, sarcoma and ovarian cancer in trials in the US.

The privately owned company said it could receive payments in excess of $350 million over the next seven years from the tie-up, subject to development goals being met, and significant development and commercialization payments in subsequent years.