Celgene in Novartis deal

Novartis (SWX:NOVN) acquired an exclusive global license, excluding Canada, to CELG's d-methylphenidate, a chirally pure form of Ritalin, to treat attention deficit disorder and attention deficit hyperactivity disorder. The company has reported statistically significant results in two Phase III trials (see BioCentury, Nov. 1, 1999). CELG will get upfront fees, milestones, and royalties on sales. NOVN will cover remaining development costs and marketing expenses. CELG retains rights to new formulations of Ritalin to treat cancer. Biovail (BVF; TSE:BVF) has exclusive marketing rights to CELG's d-methylphenidate products in Canada. CELG was up $3.875 to $41.375 on Wednesday. ...