Swiss pharma giant Novartis is buying anti-clotting drug—elinogrel— from Portola Pharmaceuticals, a privately held biopharmaceutical company.
Portola is a developer of innovative drugs that provide significant advances in cardiovascular disease, inflammatory disease and cancer.
Under terms of the agreement, Novartis will make upfront cash payment to Portola of $75 million. Portola is eligible to receive additional cash payments totaling up to $500 million upon achievement of certain development, regulatory and commercialization milestones. Portola will also receive royalties on worldwide net sales of elinogrel. In addition, Portola has an option to co-promote elinogrel in the US limited to hospitals and specialty markets.
Novartis will fund all future phase III clinical trials of elinogrel and share costs of ongoing and planned phase II trials.
"Novartis is a global leader in cardiovascular drug development and marketing, which makes it an ideal partner to help us achieve elinogrel's therapeutic and market potential," said Charles Homcy, president and chief executive officer of Portola. "By combining their strengths with our own research and development expertise in thrombosis, we have a great opportunity to significantly improve the lives of millions of patients worldwide."
|
