GSK agreed to transfer worldwide rights to linerixibat, an IBAT inhibitor for primary biliary cholangitis (PBC) pruritus, to Italy’s Alfasigma in a deal worth up to $690 million including a $300 million upfront payment. The licensing move comes with a US FDA decision expected imminently and follows Phase III GLISTEN data showing itch reduction and improved sleep disturbance versus placebo. GSK framed the transaction as a strategic refocus, allowing the company to redeploy resources toward its next wave of liver-disease innovation including chronic hepatitis B and metabolic steatohepatitis. The agreement includes approval-linked milestones, tiered royalties, and customary antitrust clearance conditions. For Alfasigma, acquiring a candidate close to regulatory verdicts offers a commercial and clinical entry into PBC; for GSK the deal monetizes a near‑approval asset while shifting development risk and commercialization responsibilities to a specialty player.