Ofatumumab is a monoclonal antibody designed to target the CD20 molecule found on the surface of chronic lymphocytic leukemia (CLL) cells and normal B lymphocytes.
The transfer of the collaboration follows an April 2014 GSK/Novartis Transaction under which Novartis agreed to acquire GSK’s oncology products including ofatumumab.
The company said that the transfer will only become effective upon closing of the GSK/Novartis Transaction, which is scheduled to take place in the first half of 2015.
Following transfer of the collaboration, Novartis will develop and commercialize ofatumumab in oncology indications, while GSK will continue to develop and commercialize the drug for autoimmune indications.
Both parties have also agreed that beyond 31 December 2014, Genmab would not be required to pay existing funding liabilities or to fund research and development costs for ofatumumab.
Genmab chief executive officer Jan van de Winkel said: "The collaborations with Novartis and GSK for this innovative therapeutic antibody will help ofatumumab reach its fullest potential, while improving cash flows."
After completion of the transfer of the collaboration, Genmab will be able to develop follow-on CD20 products including formats incorporating its DuoBody and HexaBody technologies.