Under the agreement, Novartis has made a significant equity investment in Infinity and will pay additional fees expected to exceed $10 million over the course of the two year agreement.
“We believe that a collaboration with Infinity meets our high standards given the great synergy between our respective technologies and capabilities,” stated Jeremy Levin, global head of strategic alliances for Novartis. “We look forward to partnering with Infinity.”
Infinity also welcomes the opportunity to work with Novartis. “This collaboration showcases the tremendous advantage of leveraging a platform technology for internal drug discovery as well as revenue generation. We are thrilled to be working with Novartis and anticipate tremendous value creation for both parties” said Steven Holtzman, president, chief executive officer and chairman of the board of Infinity.