Ophthotech Corp. has entered into an ex-U.S. licensing and commercialization agreement with Novartis Pharmaceuticals for Fovista, an anti-PDGF in development for the treatment of wet age-related macular degeneration, according to a press release.
This agreement entitles Novartis to commercialize Fovista in markets outside of the United States. Ophthotech will continue to commercialize Fovista in the United States and lead the Fovista phase 3 wet AMD clinical program.
“This agreement represents an important achievement for the company as we continue to execute on a strategy to deliver science-driven retinal products and offer physicians multiple treatment options to improve patient outcome,” David R. Guyer, MD, Ophthotech chief executive officer and chairman of the board, said in the release.
Under this agreement, Ophthotech could receive more than $1 billion in upfront and milestone payments, excluding future royalties. The company could also potentially receive up to $330 million in immediate payment, upfront fee and near-term milestones, as well as $300 million in contingent future ex-U.S. marketing approval milestones, $400 million in ex-U.S. sales milestones, and royalties on ex-U.S. sales, the release said.