Baxalta inks deal to expand immuno-oncology business

[January 04, 2016]  (Reuters) - Drugmaker Baxalta Inc said on Monday it inked a deal with privately held Symphogen under which the companies will develop immuno-oncology drugs.

The agreement holds a total potential value up to 1.4 billion euros ($1.6 billion) in option fees and milestones over the long term, in addition to royalties on worldwide sales, Baxalta said.

Denmark-based Symphogen would receive an upfront payment of $175 million in exchange for its exclusive rights to six therapies to treat rare diseases.

(Reporting by Rosmi Shaji in Bengaluru; Editing by Maju Samuel)

[© 2016 Thomson Reuters. All rights reserved.]

Copyright 2016 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.