Pharma BD Deal Intelligence

Alfasigma S.p.A. / GlaxoSmithKline plc

2026 · Licensing/Option · $690M · Complete

GSK granted Alfasigma exclusive worldwide rights to develop, manufacture and commercialize linerixibat, an investigational oral ileal bile acid transporter (IBAT) inhibitor for cholestatic pruritus in primary biliary cholangitis. GSK receives $300 million upfront, $100 million on US FDA approval (PDUFA target date 24 March 2026, expected prior to transaction closing), $20 million on EU and UK approval, up to $270 million in sales-based milestones, and tiered double-digit royalties on worldwide net sales. Linerixibat holds orphan drug designation in the US, EU and Japan and priority review in China; the Phase III GLISTEN trial met its primary and key secondary endpoints, showing sustained improvement in cholestatic pruritus and itch-related sleep interference versus placebo. Deal direction: Alfasigma is the licensee, GSK the licensor.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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