Novartis gains worldwide rights to elinogrel, a Phase II anti-clotting compound
Novartis will make an upfront payment of USD 75 million to Portola for the exclusive worldwide rights to elinogrel. Novartis will share with Portola the costs of the ongoing Phase II trial, but will have responsibility for Phase III clinical development, manufacturing and commercialization. Portola will also be eligible for additional payments based on achieving defined development and commercialization milestones and is also eligible to receive royalties on future sales. In addition, Portola has an option to co-promote elinogrel in the US limited to hospitals and specialty markets and an option to co-fund Phase III clinical trials and other development activities in return for additional royalties. This transaction is subject to customary regulatory approvals. About Novartis
Novartis AG provides healthcare solutions that address the evolving needs of patients and societies. Focused solely on healthcare, Novartis offers a diversified portfolio to best meet these needs: innovative medicines, preventive vaccines, diagnostic tools, cost-saving generic pharmaceuticals, and consumer health products. Novartis is the only company with leading positions in these areas. In 2008, the Group's continuing operations achieved net sales of USD 41.5 billion and net income of USD 8.2 billion. Approximately USD 7.2 billion was invested in R&D activities throughout the Group. Headquartered in Basel, Switzerland, Novartis Group companies employ approximately 96,700 full-time-equivalent associates and operate in more than 140 countries around the world. For more information, please visit http://www.novartis.com. References
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