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news.Novartis acquires all of the patent rights to the technology
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BTG has announced the sale of HySolv drug delivery technology to Novartis Pharma for an initial payment of $0.75m and potential additional future milestone payments of up to $9.25m.
Under the terms of the agreement, Novartis acquires all of the patent rights and know how with respect to the HySolv drug delivery technology.
Louise Makin, CEO of BTG, said: We are pleased to have reached agreement to sell the HySolv technology to Novartis. This is in line with our goal of realising value from all of the group’s assets, while continuing to build value in our development pipeline and establishing our US sales and marketing operations.
HySolv was developed by Protherics Salt Lake City from a patented solvent technology platform for solubilising hydrophobic drugs in a hydrophilic environment. BTG acquired Protherics in December 2008.