GenVec extends research deal with Novartis

US biopharma company GenVec (Nasdaq: GNVC) says that it has extended its research collaboration and license agreement with Swiss drug major Novartis NOVN: VX) announced in 2010 (The Pharma Letters January 20 and August 9, 2010). Under the extension, Novartis will fund research at GenVec through January 2013 to support its hearing loss and balance disorders program.

"GenVec has worked closely with Novartis for the past two years to move this program forward and we remain committed to being a value added partner," noted Douglas Brough, GenVec's vice president of research, adding that "this extension will allow GenVec to continue supporting this important effort."

In January 2010, GenVec entered into a worldwide licensing and collaboration agreement with Novartis to discover and develop novel treatments for hearing loss and balance disorders. Under the terms of the deal, if certain clinical, regulator, and sales milestones are met, GenVec is eligible to receive up to $213.6 million, including upfront and milestone payments in addition to royalties on future sales.