Ophthotech licenses experimental eye drug to Novartis

Mon May 19, 2014 4:21pm EDT
 
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May 19 (Reuters) - Ophthotech Corp said it granted the rights to market its experimental eye drug outside the United States to a unit of Novartis AG.

Ophthotech said it could receive immediate payments including upfront fees of $200 million and milestone payments of $130 million.

The company said it could receive over $1 billion in upfront and milestone payments over the course of the collaboration, not including royalties on potential sales of the drug, Fovista. (Reporting By Vrinda Manocha in Bangalore; Editing by Sriraj Kalluvila)