Glaxosmithkline has offloaded its rare diseases unit as chief executive Emma Walmsley continues to trim the business.
Britain’s biggest drug maker sold the portfolio to Orchard Therapeutics, a private biotech firm with bases in London, Boston and California.
It comes after Walmsley said the unit was under review last July, as part of a wider effort to refocus the company’s research on the areas of respiratory, HIV and infectious diseases, cancer drugs and immuno-inflammation.
Trimming down the business: Glaxo chief executive Emma Walmsley
The deal is small financially for Glaxo but will see it take a stake of nearly 20 per cent in Orchard.