Oncology Venture licenses dovitinib from Novartis

Oncology Venture Sweden AB (AktieTorget:OV) exercised its option and will receive exclusive, worldwide rights to develop and commercialize dovitinib (TKI258) from Novartis AG (NYSE:NVS; SIX:NOVN).

Novartis will receive an upfront payment and is eligible for development milestones and royalties. Novartis will also receive a convertible note in a spin-out that Oncology Venture has created to develop dovitinib. Novartis declined to provide details, and Oncology Venture did not respond to inquiries in time for publication...