GSK in $350 million deal to develop cancer drugs with UK biotech firm: FT

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A British Airways airplane flies past a signage for pharmaceutical giant GlaxoSmithKlein in London(Reuters) – GlaxoSmithKline Plc has agreed a deal worth more than $350 million with UK biotech company Adaptimmune to develop cancer drugs, the Financial Times reported on Monday. London-based GSK, which sold its cancer drugs business to Swiss drugmaker Novartis in April, is expected to announce the deal on Monday, according to an FT report. The newspaper said that GSK would pay Adaptimmune as much as $350 million over the next seven years, subject to development milestones being met. The newspaper said GSK would develop cell-based cancer therapies that involve re-engineering patients' white blood cells to improve the body's ability to fight tumors.

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