GlaxoSmithKline offloads royalty rights for 2 cancer drugs in $342M windfall it will use to finance consumer spinoff
As GlaxoSmithKline continues plans to spin off its Pfizer-partnered consumer health division, the British pharma pulled in a new heaping of cash to accomplish that goal.
GSK sold its royalty rights for Exelixis drugs Cabometyx and Cometriq to Royalty Pharma on Thursday morning, netting a $342 upfront payment and a promise for up to $50 million more in milestones depending on regulatory approvals in new indications. The proceeds will go toward the spinout efforts, a GSK spokesperson confirmed to Endpoints News, as the drugmaker looks to raise more than $2.2 billion in cash to finance the split.
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