BASEL, Switzerland, March 28, 2003 (PRIMEZONE) -- Novartis (NYSE:NVS) (Other OTC:NVSEF):
- Partnership with Regeneron for IL-1 Cytokine Trap compound in phase II clinical development.
- Agreement provides Novartis worldwide co-promotion excluding Japan
Novartis Pharma AG has signed an agreement to license IL-1 Trap compound from Regeneron, a Tarrytown NY based, publicly quoted, biopharmaceutical company developing therapies for rheumatoid arthritis, cancer, allergy and asthma. Under the terms of the agreement, Novartis will purchase $48 million of newly issued Regeneron common stock. In addition Novartis will pay Regeneron $27 million upon closing for its development activities. Further payments are contingent on meeting approval and sales milestones.
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