Novartis also receives certain option rights in cardiovascular and oncology product applications, and rights to use Proteus technologies in its clinical development of pharmaceutical products.
Under the terms of the agreement, Novartis will make upfront cash and equity investments in Proteus totaling $24m. Proteus would also receive royalties on worldwide net sales of any Novartis products incorporating its sensor-based technology.
Andrew Thompson, president and chief executive officer of Proteus, said: “We believe that Novartis is a global leader in organ transplant drug development and marketing, which makes it an excellent collaborator to advance sensor-based pharmaceutical treatment systems. We have a great opportunity together to bring a new type of pharmaceutical product to market that could aid patients, their families and physicians to attain maximum adherence with pharmaceutical therapy.”