Novartis strikes Matchpoint deal worth up to $1 billion
Swiss pharma major Novartis (NOVN: VX) has entered into an exclusive option and license deal with Matchpoint Therapeutics to develop oral covalent inhibitors for inflammatory diseases, the companies said on July 24. The privately held biotech could receive as much as $1 billion in total payments if milestones are met.
Under the agreement, Matchpoint will lead preclinical research through the selection of a development candidate using its Advanced Covalent Exploration (ACE) platform. Novartis will provide $60 million in upfront and research funding. Should the company exercise its option, it will gain global rights to develop and commercialize any resulting products.
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