July 10 (Reuters) - Novartis AG:
* Ophthotech - on July 3, co and Novartis Pharma entered into a letter agreement with respect to licensing and commercialization agreement dated May 19, 2014
* Ophthotech - under 2014 agreement, co had granted novartis exclusive rights to develop and commercialize fovista products in all countries outside of U.S.
* Ophthotech - pursuant to July 3 letter agreement, parties agreed to suspend their affirmative obligations under 2014 agreement regarding fovista products
* Ophthotech - agreement to suspend affirmative obligations regarding fovista products is pending receipt of oph1004 data and determination of a regulatory strategy
* Ophthotech - letter agreement also provides Novartis with a shorter notice period in the event Novartis determines to terminate the 2014 agreement in certain circumstances Source text: (bit.ly/2u4tRxZ) Further company coverage: