Novartis inks deal with ProFound on cardio diseases

Cambridge, USA-based ProFound Therapeutics today announced a four-year collaboration with Swiss pharma giant Novartis (NOVN: VX) to discover and develop novel therapeutics for cardiovascular disease leveraging its ProFoundry Platform.

This collaboration aims to bring innovative solutions to a growing population of patients by joining ProFound’s unique capabilities in the identification of novel proteins from the expanded proteome as drugs and drug targets with Novartis’ exceptional cardiovascular drug development expertise enabled by their longstanding commitment to helping people with cardiovascular diseases.

Under the terms of the four-year back-loaded collaboration, ProFound will receive $25 million in upfront and near-term milestone payments with the potential transaction value from downstream milestones of $750 million per selected target, with additional potential for tiered royalties.