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Glaxo Signs $1 Billion Deal for Synta Cancer Drug

GlaxoSmithKline said on Wednesday it had agreed to license Synta Pharmaceuticals' experimental cancer drug STA-4783 in a deal that could earn the U.S. biotech firm up to $1 billion.

The tie-up on the drug, which is just starting a global Phase III trial for melanoma involving 600 patients, marks a further step by Glaxo to boost is pipeline through outside alliances.

Europe's biggest drugmaker is particularly keen to build its franchise in cancer medicines.