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news.Peptimmune, a biotechnology company, has granted Novartis an exclusive option to obtain exclusive worldwide rights to develop and commercialize PI-2301, Peptimmune's multiple sclerosis drug candidate.
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In a separate but related agreement, the MPM Bio IV NVS Strategic Fund made an equity investment in Peptimmune.
In the event that Novartis exercises the option to PI-2301, Novartis would assume the global clinical development, manufacturing and marketing of PI-2301 and all associated costs. Peptimmune would receive payments upon the option exercise and upon successful completion of certain development, regulatory and commercial milestones.
These payments together could total more than $500 million. In addition, Peptimmune shall be eligible to receive royalties on product sales. Additional terms were not disclosed.
Thomas Mathers, president and CEO of Peptimmune, said: “We believe that Novartis represents an outstanding future partner for Peptimmune and the global development of PI-2301. This option agreement provides Peptimmune with access to both Novartis’s world class development expertise and the necessary capital to invest in this proprietary product.”