ProStrakan enters $140M R&D accord with Novartis

Galashiels, Scotland-based speciality drugmaker ProStrakan has entered an exclusive alliance with Swiss drug major Novartis for the discovery and commercialization of antiblodies for bone-related diseases. Under the terms of the deal, ProStrakan will receive an upfront payment and R&D funds totalling $5.75 million over the first two years of the accord. If the Scottish firm achieves certain regulatory and sales milestones it could get as much as $140.0 million, on top of undisclosed royatlies, while Novartis will be responsible for all development costs.