Novartis has agreed to pay $75 million upfront and an additional $500 million in prospective milestones for the worldwide rights to Portola Pharmaceuticals' mid-stage anti-clotting therapeutic. In a clear sign that bright drug prospects can still command a hefty price in this market, Novartis is investing in a drug--dubbed elinogrel--that analysts believe can eventually compete with the blockbuster Plavix.
Portola has an option to co-promote elinogrel in the United States limited to hospitals and specialty markets. Portola also stands to earn royalties on an approved product and Novartis has agreed to pay for late-stage trials, which will be expensive. The New York Times' Andrew Pollack notes that the move by Novartis represents a push into a new area of cardiovascular medicine. Novartis sells the blood pressure med Diovan, but that therapy loses patent protection in 2012.
"Novartis is a global leader in cardiovascular drug development and marketing, which makes it an ideal partner to help us achieve elinogrel's therapeutic and market potential," said Charles Homcy, M.D., president and CEO of Portola. Portola was recently featured as one of FierceBiotech's Emerging Drug Developers.
- here's Novartis' release
- read the story in the New York Times