GlaxoSmithKline offloads royalty rights for 2 cancer drugs in $342M windfall it will use to finance consumer spinoff

As GlaxoSmithKline continues plans to spin off its Pfizer-partnered consumer health division, the British pharma pulled in a new heaping of cash to accomplish that goal.

GSK sold its royalty rights for Exelixis drugs Cabometyx and Cometriq to Royalty Pharma on Thursday morning, netting a $342 upfront payment and a promise for up to $50 million more in milestones depending on regulatory approvals in new indications.