From Republic Business and Finance:
(AGI) - Rome, March 15 - Nerviano Medical Sciences (NMS), the largest center for research and drug development in Italy and one of the leading integrated production and drug development in Europe in the field oncology, today announced a new licensing agreement with Novartis. With this agreement, the statement said, Nerviano Medical Sciences gave Novartis exclusive licensing rights to develop a series of compounds belonging to the cancer center. Novartis will have the responsibility to conduct further research on the subject of the molecules, as well as development and marketing.
Given the exclusive license, Novartis will pay Nerviano to an initial sum, the milestones of success and subsequent royalties on each product sold. Further details and financial terms were not disclosed.
"We are very proud of this new agreement with Novartis, a leading global healthcare market, which marks the achievement of a significant new milestone for commercial Nerviano," said Alberto Sciumè, President of Nerviano Medical Sciences. "This is the second licensing agreement signed by Nerviano Medical Sciences from the beginning of 2011. The first agreement was signed with Genentech January 18, 2011, to permit molecules to the development of inhibitors of new pharmacological targets. I am convinced that 'experience Nerviano and expertise in the discovery of new small molecules may contribute to innovation and development of value products for the oncology market. "
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