Glaxo sells rare drugs arm

GLAXOSMITHKLINE has offloaded its rare diseases unit as chief executive Emma Walmsley continues to trim the business.

Britain’s biggest drug maker sold the portfolio to Orchard Therapeutics, a private biotech firm with bases in London, Boston and California.

It comes after Walmsley said the unit was under review last July, as part of a wider effort to refocus the company’s research on the areas of respiratory, HIV and infectious diseases, cancer drugs and immuno-inflammation.

The deal is small financially for Glaxo but will see it take a stake of nearly 20pc in Orchard.