Pharmaceutical giant Glaxosmithkline has bought global rights to Danish biotech company Genmab's most promising new drug in a deal worth up to $2.1 billion.
The deal covers HuMax-CD20, an experimental medicine in late-stage development for CD20 positive B-cell chronic lymphocytic leukaemia and follicular non-Hodgkin's lymphoma.
The drug is also in trials for rheumatoid arthritis, and Genmab chief executive Lisa Drakeman said earlier this year she believed HuMax-CD20 could generate more than $2 billion in annual sales.
The Danish group had been expected to strike a deal for the product by the middle of 2007.