Novartis gets option to acquire Elixir
Swiss drug major Novartis has been granted an exclusive option to acquire USA-based Elixir Pharmaceuticals following the successful completion of a Phase IIa clinical study of the latter's lead oral ghrelin antagonist, currently in preclinical, Investigational New Drug-enabling testing. The product has potential in the treatment of type 2 diabetes and other metabolic diseases.
Including the initial acquisition payment plus potential additional regulatory and sales milestones, the accord could exceed a value of $500.0 million, and also includes a right to an exclusive worldwide license under pre-agreed conditions, the Massachusetts-headquartered company announced.
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