Novartis to pay Monte Rosa $150 million upfront to develop a new class of drugs [Yahoo! Finance]
Novartis AG (NVS)
Last novartis ag earnings: 4/28 01:00 am
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Source: Yahoo! Finance
The agreement covers a class of drugs called "molecular glue degraders," which target abnormal protein functions associated with some diseases that are hard to treat with existing medications. Monte Rosa will also be eligible for future payments of up to $2.1 billion as well as royalties on net sales outside the U.S. Shares of Monte Rosa surged 32% to $6.46 in premarket trade following the news. CONTEXT Novartis is bracing for the loss of U.S. patent protection next year for its bestseller Entresto and for Promacta to treat a lack of blood platelets. WHY IT'S IMPORTANT Among the candidates, Novartis will get access to MRT-6160, for which Monte Rosa is currently conducting an early-stage study for immune-mediated conditions. Novartis will take over the development of the candidate from mid-stage trials. Like many major pharmaceutical companies, Novartis has been actively securing deals to strengthen its drug pipeline and mitigate the impact of losing exclusivity on key m
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NVS
Earnings
- 10/29/24 - Beat
NVS
Sec Filings
- 10/29/24 - Form 6-K
- 10/29/24 - Form 6-K
- 9/18/24 - Form 6-K
- NVS's page on the SEC website