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BRIEF-Ophthotech and Novartis Pharma enters into a letter agreement with respect to licensing and commercialization agreement
July 10, 2017 / 12:02 PM / in 5 months

BRIEF-Ophthotech and Novartis Pharma enters into a letter agreement with respect to licensing and commercialization agreement

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:

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