Aires, Novartis deal

Aires granted Novartis an option to acquire the company after completion of a Phase II trial of Aires' Aironite to treat pulmonary arterial hypertension (PAH). The trial is expected to begin in 4Q11. The inhaled nitric oxide prodrug has completed two Phase I trials. Aires said the deal with Novartis could reach $250 million, including the initial acquisition payment and milestones. Further terms were not disclosed. ...