Cytopia inks major licensing deal with Novartis

Australia's Cytopia has signed one of the richest licensing deals recorded for that country. Novartis will pay Cytopia $13 million in up front fees and research funds over three years as part of a $274 million package that includes major milestones in the co-development of new therapies to prevent transplant rejection and to treat auto-immune diseases. Cytopia has been developing therapies that target the JAK3 enzyme. No new drugs are expected to see approval before eight to 10 years.

- read the report on Cytopia from Nine MSN