Novartis inked a deal to option a Phase II drug for osteoporosis from Radius Health. The deal is worth more than $500 million in potential milestone payments and Novartis' venture arm is making a $10 million investment in the Cambridge, MA-based biotech. Ipsen, which licensed the drug to Radius in 2005, is positioned to earn up to $125 million of that licensing money. The therapy, BA058, is a parathyroid hormone-related protein.
"This major commitment by the MPM Bio IV NVS Strategic Fund reflects our belief in the potential of BA058 to address important unmet needs for osteoporosis patients in the near future, and in the attractive commercial potential of Radius," said Ansbert Gadicke, MD, General Partner of MPM Capital and General Partner of the MPM Bio IV NVS Strategic Fund/
- read the release [1] for more information
ALSO:Â Novartis says it's not interested in merging with another Big Pharma player--but CEO Daniel Vasella (photo [2]) still won't comment on a rumored takeover [3] of German rival Bayer. Report [4]
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Novartis touts pipeline. Report [7]
Links:
[1] http://www.fiercebiotech.com/press-releases/press-release-radius-grants-major-pharmaceutical-company-exclusive-option-license-ba0
[2] http://www.fiercebiotech.com/pages/novartis-ceo-daniel-vasella
[3] http://www.fiercepharma.com/story/rumor-mill-novartis-may-bid-bayer/2007-08-16
[4] http://www.fiercepharma.com/story/novartis-ceo-mum-bayer-buyout/2007-09-17
[5] http://www.fiercebiotech.com/story/novartis-pays-big-for-roster-of-new-vaccines/2007-07-02
[6] http://www.fiercebiotech.com/tags/postherpetic-neuralgia-0
[7] http://www.fiercebiotech.com/story/novartis-touts-pipeline/2006-01-19?utm_source=related&utm_medium=internal