Pablo Legorreta, Royalty Pharma CEO (Patrick T. Fallon/Bloomberg via Getty Images)

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.

Endpoints News

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