Novartis acquires non US rights to Fovista from Ophthotech for wet Age Related Macular Degeneration

Novartis announced the signing of a licensing and commercialization agreement with Ophthotech Corporation for the exclusive rights to market Fovista (anti-PDGF aptamer) outside the United States. Under the financial terms of the agreement, Ophthotech will receive an immediate payment of an upfront fee of $ 200 million plus potential future recruitment and other milestone payments. In addition, Ophthotech is eligible to receive royalties on ex-US Fovista sales. Fovista is being studied in combination with anti-VEGF agents for patients suffering from "wet" Age-Related Macular Degeneration. Novartis will also develop a co-formulation of Fovista with a Novartis proprietary anti-VEGF treatment. Ophthotech will hold the marketing rights to Fovista in the United States.