Novartis, Amgen partner to jointly develop treatments for Alzheimer's
Swiss pharma giant Novartis (NOVN: VX) and US biotechnology firm Amgen (Nasdaq: AMGN) have partnered to jointly develop new drugs for Alzheimer's disease. The collaboration is in line with Novartis' strategy to develop a portfolio of treatments for neurological diseases.
Amgen will make upfront as well as subsequent milestone payments to Novartis, if the drug candidate for Alzheimer’s meets certain development targets. No financial terms were disclosed.
Amgen will pay the majority of research-and-development costs for an agreed-upon period following which the two companies will split equally the cost and profits.
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