GlaxoSmithKline said it is acquiring the rights to Synta Pharmaceuticals' skin cancer drug STA-4783 in a deal worth up to $1.1 billion.
The drug uses a new mechanism of action to kill malignant cells.
STA-4783 is administered as an injection is about to begin Phase III trials for melanoma involving 600 patients.
The companies will share costs for development in other indications and will jointly sell the drug in the US, with Synta receiving a tiered profit share, the companies said.
FDA approves generic versions of Novartis epilepsy drug
The FDA has approved the first generic versions of Novartis' epilepsy treatment Trileptal (oxcarbazepine).
Roxane Laboratories, Sun Pharmaceuticals and Glenmark Pharmaceuticals won approval to sell versions of oxcarbazepine in three strengths – 150 mg 300 mg and 600 mg.
US sales of Trileptal were $549 million in 2006.