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ThromboGenics, Novartis unit in deal for ocriplasmin

March 16, 2012 11:54 PM UTC

ThromboGenics N.V. (Euronext:THR) granted the Alcon Inc. ophthalmic unit of Novartis AG (NYSE:NVS; SIX:NOVN) ex-U.S. rights to commercialize symptomatic vitreomacular adhesion (VMA) product ocriplasmin. The product is under review in Europe for the indication. ThromboGenics will receive an upfront payment of EUR 75 million ($98.4 million) and is eligible for EUR 90 million ($118 million) in near-term milestones, plus royalties. ThromboGenics said additional milestone payments would bring the total upfront and milestone value to up to EUR 375 million ($491.8 million). ThromboGenics will have a "strategic and focused operational role" in the commercialization of the product in the five largest European markets. The partners will also co-develop ocriplasmin in additional indications, with both companies responsible for development costs. Details were not disclosed. ...