Novartis opts in, buys sickle cell company Selexys

Novartis AG (NYSE:NVS; SIX:NOVN) exercised its option to acquire hematologic and inflammatory company Selexys Pharmaceuticals Corp. (Oklahoma City, Okla.) for $240 million. Under a 2012 deal, the pharma held the option to acquire Selexys following a readout from the Phase II SUSTAIN trial of lead compound SelG1 to treat vaso-occlusive pain crises in patients with sickle cell disease (see BioCentury, Sept. 24, 2012).

Novartis had paid $10 million up front in the 2012 deal. Selexys shareholders are eligible for another $415 million in milestones. The company's investors included MPM Capital and the MPM BioV NVS Strategic Fund, which is the Novartis option fund that MPM manages...