MAY 21, 2014
Ophthotech Corporation has granted Novartis Pharmaceuticals ex-U.S. commercialization rights for Fovista, while retaining exclusive rights to commercialize the anti-PDGF in the United States.
Ophthotech will continue to lead the global phase 3 clinical development program of Fovista. If approved, Fovista is expected to be first to market in this class of therapies for wet AMD.
“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, Ophthotech chief executive officer and chairman of the board. “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.”
Under the agreement, Ophthotech could earn more than $1 billion in upfront and milestone payments, excluding future royalties. The company could also potentially receive up to $330 million in immediate payment, upfront fee and near-term milestones, as well as $300 million in contingent future ex-U.S. marketing approval milestones, $400 million in ex-U.S. sales milestones, and royalties on ex-U.S. sales, the release said.