Ophthotech Corp. has entered into an ex-U.S. licensing and commercialization agreement with Novartis Pharmaceuticals that will focus on the treatment of wet age-related macular degeneration (AMD).
New York-Ophthotech Corp. has entered into an ex-U.S. licensing and commercialization agreement with Novartis Pharmaceuticals that will focus on the treatment of wet age-related macular degeneration (AMD).
Under the agreement, Ophthotech grants Novartis exclusive rights to commercialize its lead product candidate, Fovista, in markets outside the United States, while Ophthotech retains sole rights to commercialize its drug in the United States.
Potential payments to Ophthotech under the agreement could total more than $1 billion in upfront and milestone payments, not including future royalties, according to the company.
Ophthotech will continue to lead the global phase III wet AMD pivotal clinical program of the drug, which is expected to have initial, top-line data available in 2016.
Ophthotech will continue its lead role in the potential registration of the drug in the United States, while Ophthotech and Novartis will collaborate to seek regulatory approvals outside the United States.
“As one of the largest ex-U.S. partnering deals ever in the biotechnology industry, this collaboration with Novartis is potentially transformational for Ophthotech,” said David R. Guyer, MD, chief executive officer and chairman of the board of Ophthotech. “This agreement represents an important achievement for the company as we continue to execute on a strategy to deliver science-driven retinal products and offer physicians multiple treatment options to improve patient outcome.”
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