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Genmab hit by Glaxo deal revision
GlaxoSmithkline (GSK) and Denmark’s Genmab said yesterday they had amended a licensing agreement for their Arzerra cancer drug in a way that will have a “material impact” on Genmab’s 2010 prospects. The companies did not specify the effect on Genmab which will receive an upfront payment of £90m from GSK but will see planned milestone payments cut or cancelled. “The amendment will have a material impact on Genmab’s 2010 financial guidance,” Genmab said.