Nuevolution signs licensing agreement with Novartis

Denmark-based Nuevolution has entered into a non-exclusive technology licensing agreement with Swiss drug major Novartis (NOVN: VX) for use of Nuevolution’s Chemetics technology.

The Chemetics platform uses proprietary innovative DNA labeling to allow fragment-based drug screening at an unprecedented scale forming drug-like small molecules for lead discovery. The technology allows screening of billions of molecules against biological targets. Nuevolution has patented its Chemetics technology and holds a validated patent portfolio within the technology field. The company will transfer know-how to Novartis to enable the drugmaker to practice the technology for its internal use, and the companies will work together to co-produce novel screening libraries.

Under the terms of the agreement, Novartis will provide Nuevolution with an upfront payment, research funding, and milestone payments as technology transfer progresses. Further financial details are not disclosed.