On March 2, 2015 Genmab reported that GlaxoSmithKline (GSK) and Novartis Pharma AG (Novartis) have announced that the definitive agreement in which Novartis agreed to acquire GSK’s oncology products including ofatumumab has been completed (Press release, Genmab, MAR 2, 2015, View Source [SID:1234502137]). As a result, the agreement Genmab entered with GSK and Novartis to transfer the ofatumumab collaboration from GSK to Novartis in November 2014 is now effective. Novartis will develop and commercialize ofatumumab in cancer indications and GSK will continue to develop and commercialize ofatumumab for autoimmune indications.

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Under the terms of the transfer agreement, the parties agreed that Genmab would not be required to pay existing funding liabilities or to fund development costs for ofatumumab beyond December 31, 2014. For more information on the agreement between Genmab, GSK and Novartis, please refer to Genmab’s Company Announcement number 49 published on November 3, 2014.