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news.Astex Therapeutics has said that Novartis has exercised an option to extend the companies's drug discovery alliance for the discovery and development of novel cell cycle control drugs, for the treatment of cancer and other human diseases.
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Under the terms of the agreement Novartis will fund additional research at Astex. Astex and Novartis originally entered into a research collaboration and licensing agreement in December 2005. This collaboration could potentially be worth up to $520 million if all fees, equity payments, option payments and milestones are met.
Harren Jhoti, CEO of Astex, said: “We are pleased that Novartis has chosen to dedicate further resources to what has been a very exciting programme of collaborative research.”