Genentech opts-in for ex-US Novartis rights to Fovista

to participate in the financial arrangements relating to fellow Swiss pharma giant Novartis’ (NOVN: VX) rights under the 2014 Ophthotech (Nasdaq: OPHT)/Novartis ex-US agreement for Fovista (pegpleranib) to treat wet age-related macular degeneration (AMD).

Roche’s option originates from a pre-existing agreement between Roche and Novartis. Ophthotech’s agreement with Novartis and its financial terms remain unchanged including potential payments to Ophthotech of over $1 billion in upfront and milestone payments, and future royalties on ex-US Fovistasales. Ophthotech continues to retain sole rights to Fovista in the USA.

David Guyer, chief executive and chairman of Ophthotech, said: “We believe that this arrangement further validates Fovista’s novel technology, reflects the industry’s need for the next-generation therapeutic option for wet AMD, and also highlights the industry’s acknowledgement of the large commercial opportunity resulting from the significant unmet need in the large and expanding market for wet AMD. Our Fovistaex-US agreement with Novartis remains unchanged. We continue to be very impressed with the extensive resources and tremendous commitment that Novartis is putting into the Fovista program. Additionally, we are excited about the recent completion of patient recruitment in two of the Phase III trials of Fovista.”