GlaxoSmithKline Plc has signed a cancer drug development deal with OncoMed Pharmaceuticals to develop novel antibodies to target cancer stem cells

GlaxoSmithKline Plc has signed a cancer drug development deal with OncoMed Pharmaceuticals. OncoMed is eligible to earn milestone payments up to $1.4 billion from Glaxo, if certain clinical projects are commercially successful. The deal covers the discovery and development of novel antibodies to target cancer stem cells, which are believed to play a key role in the establishment, metastasis and recurrence of cancer.