By Carlo Martuscelli

GlaxoSmithKline PLC (GSK.LN) said Thursday that it had sold the rights to its drug candidate tapinarof for up to 250 million pounds ($331 million) to Roivant Sciences.

The pharmaceutical major said that the deal includes an initial payment of GBP150 million plus a potential future milestone payment of GBP100 million.

Roivant will acquire the rights for the drug worldwide, with the exception of China, GSK said.

"We have taken a strategic decision to divest or partner medicines in our R&D portfolio that are a better fit for other companies, allowing us to concentrate our resources on other promising assets," said John Lepore, senior vice president, R&D pipeline at GSK.

Tapinarof is a drug being developed for the treatment of psoriasis and atopic dermatitis.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

July 12, 2018 10:20 ET (14:20 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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