Novartis has acquired from Ophthotech exclusive rights to market the eye drug candidate Fovista outside the U.S., while retaining U.S. marketing rights, under a licensing deal and commercialization agreement that could net Opthotech more than $1 billion.
Novartis agreed to pay Ophthotech $200 million upfront, and $130 million in payments tied to Phase III patient enrollment milestones.
In addition, Ophthotech is eligible to receive up to $300 million contingent on winning future marketing approval milestones outside the U.S., and up to $400 million tied to sales milestones outside the U.S. million.
Ophthotech is entitled to royalties on ex-US sales of Fovista.
Fovista is an anti-PDGF aptamer now under study in combination with anti-VEGF agents for patients suffering from wet age-related macular degeneration (wet AMD).
Fovista offers a new mechanism of action designed to further improve visual acuity and potentially slow disease progression.
Novartis will seek to develop and commercialize alternative delivery technologies for Fovista, such as a prefilled syringe, and will also develop a co-formulation of Fovista with one of its undisclosed anti-VEGF compounds.
For further deal information visit Current Agreements (subscription required)
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