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Novartis and Xencor enter into bispecific antibody agreement

Novartis has received rights with Xencor to develop bispecific antibodies for treating cancer. “Under the terms of the agreement, Xencor is receiving a $150 million upfront payment from Novartis and the two companies will equally share the cost to jointly develop two Xencor antibodies targeting the CD3 domain,” Novartis said. Novartis would additionally receive rights to develop and commercialize four further bispecific antibodies and to use Xencor's antibody technology in up to 10 additional molecules, the companies said.

Baxalta in deal to expand immuno-oncology business

(Reuters) – Drugmaker Baxalta Inc has signed a deal with privately held Symphogen under which the companies will develop immuno-oncology drugs to treat rare cancers. The deal with Symphogen comes as Baxalta approaches the final stages of negotiating a potential sale to rare diseases drugmaker Shire Pharmaceuticals. It would include a cash component of about $20 per share, with the rest of it paid in Shire stock, said the sources, asking not to be identified because the negotiations are confidential.

GE wins EU approval to buy Alstom’s power unit

By Foo Yun Chee BRUSSELS (Reuters) – General Electric won European Union antitrust clearance on Tuesday to buy Alstom's power unit after agreeing to sell some of the French company's assets to Italian competitor Ansaldo Energia. The European Commission said the concessions allayed its earlier concerns that the 12.4-billion-euro ($13.9 billion) deal would reduce competition to two major players, namely the merged company and Germany's Siemens . GE will divest Alstom's large turbine product line and the technology it is developing for very large turbines to Ansaldo, which is 40 percent owned by Italian state-backed investment fund Fondo Strategico Italiano and another 40 percent by China's Shanghai Electric .

Eli Lilly and Adocia agree to develop ultra-rapid insulin

PARIS (Reuters) – U.S. drugmaker Eli Lilly and French biotech Adocia said on Friday they agreed a worldwide licensing partnership to develop ultra-rapid insulin to treat patients with Type 1 and Type 2 diabetes. Under the deal, Adocia will receive an upfront fee of $50 million, potential future payments of up to $280 million if BioChaperone Lispro reaches certain development and regulatory milestones, and sales milestones up to $240 million, the companies said in a statement. (Reporting by James Regan; Editing by Blaise Robinson)