Arrowhead Pharmaceuticals, Inc. (NASDAQ:ARWR) made an announcement, according to which they reached a deal with GSK for ARO-HSD, their lead asset for NASH. The company will receive a $120 million upfront payment, up to $910 million in downstream milestones and royalties up to 20%, while GSK will receive exclusive global rights in all territories, excluding China. Non-dilutive capital should extend the runway and allow the company to focus on wholly-owned programs, which analysts believe will have a higher ROI.