Ophthotech Announces that Genentech, a Roche Wholly-Owned Subsidiary, Elects to Exercise Its Right to Opt-in to the Novartis Portion of the Ophthotech / Novartis Ex-US Agreement for Fovista® to Treat Wet Age-Related Macular Degeneration
By a News Reporter-Staff News Editor at Biotech Week -- Ophthotech Corporation (Nasdaq:OPHT) announced that Genentech, a Roche wholly-owned subsidiary, has elected to exercise its option to participate in the financial arrangements relating to Novartis' rights under the Ophthotech/Novartis ex-US agreement for Fovista® (pegpleranib) to treat wet age-related macular degeneration (AMD). Roche's option originates from a pre-existing agreement between Roche and Novartis. Ophthotech's agreement with Novartis and its financial terms remain unchanged including potential payments to Ophthotech of over $1 billion in upfront and milestone payments, and future royalties on ex-US Fovista® sales. Ophthotech continues to retain sole rights to Fovista® in the United States (see also Pharmaceutical Companies).
"We are indeed pleased by what is potentially an unprecedented arrangement between two of the leading pharmaceutical companies for a single product in the ex-US territory, while the US rights are retained by the innovator biotech company," stated David R. Guyer, M.D., Chief Executive Officer and Chairman of the Board of Ophthotech. "We believe that this arrangement further validates Fovista®'s novel technology, reflects the industry's need for the next-generation therapeutic option for wet AMD, and also highlights the industry's acknowledgement of the large commercial opportunity resulting from the significant unmet need in the large and expanding market for wet AMD. Our Fovista® ex-US agreement with Novartis remains unchanged. We continue to be very impressed with the extensive resources and tremendous commitment that Novartis is putting into the Fovista® program. Additionally, we are excited about the recent completion of patient recruitment in two of the Phase 3 trials of Fovista®."
In October 2015, Ophthotech announced the completion of patient recruitment for its second Phase 3 trial of Fovista® in combination with Lucentis® (ranibizumab) for the treatment of wet AMD. The Company expects to announce initial, topline data from both Phase 3 trials of Fovista® in combination with Lucentis® in the fourth quarter of 2016. A third Phase 3 trial, which is investigating Fovista® in combination with other anti-VEGF agents, continues to enroll patients with recruitment on track.
Keywords for this news article include: Pharmaceutical Companies, Genentech, Novartis AG, Retinal Diseases, Retinal Degeneration, Investment and Finance, Ophthotech Corporation, Biotechnology Companies, Clinical Trials and Studies, Age-Related Macular Degeneration.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2015, NewsRx LLC
(c) 2015 NewsRx LLC, source Health Newsletters