As part of the deal, Ophthotech will receive an immediate payment of an upfront fee of $200m plus potential future recruitment and other milestone payments.
Additionally, Ophthotech is eligible to receive royalties on ex-US Fovista sales and will hold the marketing rights to the drug in the US.
Currently, Fovista is being studied in combination with anti-VEGF agents for patients suffering from wet age-related macular degeneration (wet AMD).
The Swiss firm will also develop a co-formulation of Fovista with a Novartis proprietary anti-VEGF treatment.
Novartis Pharmaceuticals division head David Epstein said the company is committed to addressing key unmet needs in medical retina.
"Fovista in combination with currently available anti-VEGF treatments could further improve outcomes of patients suffering from avoidable vision loss," Epstein said.
"If approved, Fovista is expected to be the first to market in this class of therapies for wet AMD confirming our commitment and leadership in the ophthalmology space."
Fovista provides a new mechanism of action to address unmet need to further improve visual acuity and potentially slow disease progression.
In Phase II clinical trials, combination therapy of Fovista and Lucentis (ranibizumab) improved baseline visual acuity in wet AMD patients.
The Swiss firm intends to develop Fovista and the co-formulation in its proprietary, pre-filled syringe as part of this agreement.